Commentary
On July 10, 2022, I wrote about the economics of “no free lunch,” believing it was time for a refresher as we experience the rising costs of everything and the specter of inflation. However, it seems as though economics “experts” in the White House need more than a refresher.
Reading the editorial “No Business Experience,” in Wednesday’s Wall Street Journal, revealing that of the 68 top executive-branch officials who shape Biden administration economic policy, have an average of just 2.4 years of business experience. I surmise that most of them probably missed Econ 101, an introductory class for people going into a variety of professions.
Sixty-two percent of them have “virtually no business experience,” was revealed in the Committee to Unleash Prosperity report compiled by Stephen Moore and Jon Decker.
“It’s fair to wonder if the Biden policies and their results reflect a lack of even a basic understanding of how business works,” the editorial board notes. Forget Biden and Kamala Harris, who have spent their lives in law and politics. Treasury Secretary Janet Yellen has no business experience; neither does her deputy, Wally Adeyemo, who has spent his career in politics and government.
Twenty percent of them came from careers in law, 21 percent from government and politics, and 12 percent from academia or policy making. Just five percent have experience in venture capital or investing.
And just as most of the journalists covering the White House need to go back to Econ 101, so does White House spokesperson Karine Jean-Pierre, who said, “We are stronger economically than we have been in history.” Really?
By contrast, the report states that the average cabinet official in the Trump administration had an average of 13 years of experience in the private economy. Not surprising, since voters wanted a president with business experience, and it stands to reason he would want a team with business experience.
Interviewed about his report, Moore stated that Biden has a disdain for business, and it shows in his executive orders, the regulations and punishment of private business; particularly in the hostility he has exhibited against the oil and gas industry.
“It’s hard to know where the economic illiteracy ends and the shameless demagoguery begins,” noted Rich Lowry at the National Review on the president’s assault on gas station owners.
Commenting on the twitter sent to companies running gas stations, the United States Gas and Oil Association mockingly recommended that the intern who posted the tweet for Biden should sign up for Econ 101.
With inflation staring us in the face, one wouldn’t expect that Brian Deese, Biden’s National Economic Council Director, to advocate more spending, but during an appearance on CNBC he said, “Let’s spend more,” indicating it was “more urgent than ever” to pass the bills in Congress calling for increased spending. It appears West Virginia’s Democrat Sen. Joe Manchin isn’t having any part in it.
“It is not true that Congress spends money like a drunken sailor. Drunken sailors spend their own money. Congress spends our money.” – Dr. Art Laffer
Biden’s out of the ordinary cabinet choices go beyond his economic advisors. Xavier Becerra has no experience in healthcare, yet he was picked to head Health and Human Services. Transportation Secretary Pete Buttigieg has no experience in supply chain management or the vast transportation network.
With Biden, selecting people by gender, race and ethnic background take precedence over experience in a particular field.
FINALLY, PONDER THIS: While President Biden has told gas station owners that the prices at the pump “being passed along to American families are not acceptable,” why is it that he hasn’t pressured those seven-figure-earning college and university presidents to cut tuition costs? After all, he continually voices concern for the student loans college students, graduates and families are experiencing.
With the 116 days remaining prior to the midterms, may God continue to bless the United States of America.
