Executive Summary
Based on our survey of the top 68 officials in the Biden administration, starting with the president himself, and including cabinet members, regulatory officials, and White House advisers, this study finds:
- 62% of Biden appointees who deal with economic policy, regulation, commerce, energy
- and finance have virtually no business experience.
- Only one in eight has extensive business experience.
- Average business experience of Biden appointees is only 2.4 years.
- Median years of business experience is zero.
- The vast majority of the Biden economic/commerce team members are professional politicians, lawyers, community organizers, lobbyists, or government employees.
We also compared the Biden administration’s business experience to President Trump’s cabinet officials during his last year in office. We found that the average Trump cabinet member had 13 years of business experience, and the median years of experience was 8. A breakdown of this analysis is available on our website.
Scope of Study
As the United States battles the highest inflation rate in four decades; a stock market sell-off that has liquidated some $10 trillion of wealth and retirement savings; and fast-declining consumer, small business, and investor confidence; and there is widespread concern that America is in a recession or teetering on the verge of recession. For the first half of 2022, the economic growth rate has been negative, according to the latest forecast from the Atlanta Federal Reserve Board.
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.
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?
Polls show Americans are generally unhappy with the economic direction of the country today. One recent poll found that roughly three of four Americans believe the economy is headed in the right direction.
The economic problems that have emerged over the past year are multifold:
- Rising inflation rates;
- The southern border out of control;
- Higher energy prices and shortages;
- The threat of new COVID restrictions;
- Supply-chain disruptions;
- A low labor force participation rate at a time when large and small businesses desperately need workers;
- A rapidly rising federal debt burden;
- A stock market rout that has depleted family savings and retirement accounts.
By Stephen Moore and Jon Decker
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