OBAMA'S "NO BUSINESS EXPERIENCE" CABINET

MORE THAN 90% OF OBAMA'S CABINET HAVE NO PRIVATE SECTOR EXPERIENCE

In recalling President Obama's cabinet appointments, you'll notice that very few have had any private sector or business experience. To find out if this was a "change" from prior administrations, Michael Cembalest, Chief Investment Officer of JP Morgan Private Bank, did a study that examined the private sector experience of prior cabinet officials since 1900.

What he found in comparing Obama's cabinet to other prior administrations is striking, especially for a president who claims to be focused like a laser beam on "fixing the economy." Since small business generated 70% of net new jobs over the past decade, one would think that the president would want a significant percentage of his advisers to have real business experience (and I'm not classifying attorneys as small business owners!).

In a quest to see what frame of reference the administration might have on this issue, Mr. Cembalest looked back at the history of the Presidential Cabinet. Starting with the creation of the Secretary of Commerce back in 1900, he compiled the prior private-sector experience of all 432 cabinet members, focusing on those positions one would expect to participate in this discussion: Secretaries of State; Commerce; Treasury; Agriculture; Interior; Labor; Transportation; Energy; and Housing & Urban Development.

These results don't come as surprising, in that anyone who has followed the president knows that he is anti-business and pro-government. What's a bit surprising is the vast difference, when compared to both previous Republican and Democrat administrations.

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