Ever wonder how America got into the economic morass we’re in? Unfortunately, plenty of President Joe Biden’s top economic advisers probably do, too.
According to a Tuesday report in the Tampa-St. Petersburg Free Press, nearly two-thirds of Biden’s top economic staff have little to no experience in business.
The Free Press cited a study by the Committee to Unleash Prosperity, a right-leaning think-tank.
“Americans are deeply divided on the Biden administration’s progressive economic policy priorities: the focus on redistribution of income, higher tax rates on the rich, more social welfare programs, pro-union policies, a heavier hand of regulation of business, government-directed investment, and climate change remedies aimed at a dramatic altering of America’s energy mix,” the CUP study read.
“But putting ideology and partisan leanings aside, a new concern of voters has emerged: Do the top decision-makers in Congress and the Biden administration have the basic skill sets and business/management experience and acumen to oversee a $6 trillion federal government and to regulate our multi-trillion dollar industries?”
The answer: No.
“The group did background research on 68 top appointees by President Joe Biden who deal primarily with economic policy, regulation, commerce, energy, and finance. The list included Biden himself.
“It found that 62 percent of that group ‘have virtually no business experience.'”
On the bright side, 12 percent did have “extensive business experience,” but that hardly made up for a group sorely lacking in expertise.
When the number of years the 68 members included in the study had spent in the private sector, the final total was 161.
“That averages to just about 30 months — for their careers,” the Free Press reported.
“The median figure is worse. It amounts to nearly zero.”
The top economic staff in the Trump administration, by comparison, averaged 13 years in the private sector apiece.
So, where did Biden find his economic staff?
“The vast majority of the Biden economic/commerce team members are professional politicians, lawyers, community organizers, lobbyists, or government employees,” the CUP report stated.
Considering runaway inflation, massive supply-chain distribution problems, low labor force participation numbers and a ballooning federal debt, perhaps hiring an economic staff with a bit more than 161 cumulative years of experience in the private sector would have been a good idea.