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Economy

75% of Congress Lack Economics or Business Education

2011-09-13

Hold onto your hats. A mighty wind is blowing and it's bringing news that you'd never guess: More than 75% of Members of Congress have no economics education. Now it's true that book learning isn't the only way to learn about how the economy works, but it isn't as if Congress is showing it has the smarts it needs. The study that came up with these findings was made by www.DefeattheDebt.com, a project of the Employment Policies Institute, a nonprofit dedicated to studying policy issues especially employment and the economy The study asked, "How many members of Congress have an academic background that provided them with a basic understanding how the economy works?" According to the study:

The answer, it turns out, is not many. Publicly available data...show that over three-quarters of members of Congress--nearly 8 out of 10--lack an academic background in business or economics. Only 8.4 percent majored in an economics-related field, and 13.8 percent majored in a business or accounting-related field. Over half (55.5 percent) majored in either government-related fields or the humanities; another 11.5 percent majored in science or technology-related fields. This research suggests that our elected Representatives may want to dust off their Econ 101 textbook (if they have one) before trying to tackle weighty questions about the impact of taxes, spending, and debt on our economy and the labor markets.

Combine this with a president whose academic transcript is a blank page and you could see how much difficulty we'll face as a country as we try to dig out of our current economic doldrums.
The sorry state of our country is the result of putting the fucking lawyers in charge.

Posted by:DarthVader

#17 Lotp- Ditto. It is unfortunate to have people come to this country who teach us the value of what we have. The "scholars who fled Stalin and Hitler to come to an America" really added some spice to teaching. I knew one man who came to this country worked full time then went and paid his school needs for nighttime education. He became a Medical Doctor. There are many such stories. They must stop brainwashing students and just teach. Instruction for higher learning not just for a job. When you leave College the companies have to retrain anyway. The ability to learn is key for employment and is ongoing.

Posted by: Dale 2011-09-13 19:18

#16 I'd be more encouraged with your proposal for mandatory science education if it didn't in practice meaning instilling a belief in the various spaghetti-code global warming computer models du jour.

I dunno what to say, I'm pretty tired still.

Posted by: Thing From Snowy Mountain 2011-09-13 17:47

#15 How about a year in science, with principles applying to the real physical world. Between ignorance of basic economics and science, no wonder we are broke. We are throwing money at things that make no sense, except to line others pockets.

Posted by: Alaska Paul 2011-09-13 17:41

#14 It's true that many current academics have lost their moorings and that there are economists and business profs who aren't well-anchored to the real world. But that's not true of them all, it wasn't true in the past and it doesn't need to be true going forward.

It's the crushing weight of the majority that is suffocating the US. The same goes for the bureaucracy and Congress and the suffocating effect of law piled upon law.

List of Lawyers in the 111th Congress
TOTAL NUMBER OF LAWYER-LEGISLATORS IN THE SENATE: 54 out of 100 or 54%
TOTAL NUMBER OF LAWYER-LEGISLATORS IN THE HOUSE: 162 out of 441 or 36%

Posted by: Eohippus Phater7165 2011-09-13 15:50

#13 Personally, I think every man woman and child should have one year of basic economics in school

Krugman has a PhD in economics, a Nobel prize in economics and he's still a >expletive<.

Posted by: CincinnatusChili 2011-09-13 14:52

#12 Obama REALLY deserved to be President. I mean, he just knows things and has got all the answers. He is a wonderful American. /puke off

http://www.americanthinker.com/blog/2011/09/what_is_michelle_obama_saying_during_the_911_flag_ceremony.html

Posted by: ex-lib 2011-09-13 14:18

#11 Im going to stick my neck out and disagree with the last two comments.

Its true that many current academics have lost their moorings and that there are economists and business profs who arent well-anchored to the real world. But thats not true of them all, it wasnt true in the past and it doesnt need to be true going forward.

The Founding Fathers believed in the value and the right of self determination of every man and woman. They derived those beliefs, justified them and created institutions to govern according to them as a result of deep intellectual roots and analysis across a wide range of political philosophical, theological and legal scholarship of the day and of centuries before. They were diverse in their approaches, but even such defenders of the common man as Thomas Jefferson were well educated and drew on those educations to craft the country were fortunate still to live in. What we need is reform and re-founding of our intellectual life in the US, not the rejection of academics and scholarship.

FWIW, I spent 3 semesters of an MBA program at a top rated B-school in the classroom of a prof who started out dirt poor and was able to teach due to a quite successful entrepreneurial career. I learned the foumdations of the Western political, philosophical, scientific and literary tradition from eminent scholars who fled Stalin and Hitler to come to an America that welcomed free inquiry and valued principled thinking as the basis for life as responsible, adult citizens of a republic. That tradition can and should be reinstituted at the center of public and higher education. Anti-intellectualism is a dead end.

Posted by: lotp 2011-09-13 14:13

#10 IMNSHO, having "an academic background ~~in business or economics"~~ means little.

FIFY Pappy

Posted by: AlanC 2011-09-13 12:58

#9 13.8 percent majored in a business or accounting-related field.

A more realistic benchmark would be evaluating how many are currently running or have run a business.

IMNSHO, having "an academic background in business or economics" means little. Especially when you consider the leagues of economists that are surprised every time bad economic news 'unexpectedly' shows up mewling on their doorstep.

Posted by: Pappy 2011-09-13 12:43

#8 All you need to have done is run a lemonade stand once in your life... oh wait. Can't do that anymore.

Posted by: newc 2011-09-13 12:38

#7 Better off that way. Economics' education is an oxymoron.

Posted by: g(r)omgoru 2011-09-13 12:34

#6 75% of their constituents don't know what state Columbus, Ohio is the capital of.

The answer is "Cleveland", of course.

Posted by: Rob Crawford 2011-09-13 12:05

#5 That's all right. 75% of their constituents don't know what state Columbus, Ohio is the capital of.

Posted by: Anguper Hupomosing9418 2011-09-13 11:57

#4 ...along with morals, scruples, integrity, honesty, common sense, etc., etc.

You don't need a degree in economics to know your checking account is overdrawn.

Posted by: Ebbang Uluque6305 2011-09-13 11:43

#3 Not to worry...36% of Congress are lawyers.

Posted by: DepotGuy 2011-09-13 11:23

#2 I would bet 75% of these hacks are JD's.

Personally, I think every man woman and child should have one year of basic economics in school.

All you have to do is understand supply, demand and elasticity and you understand most of it. The rest is currency exchange rates which are pretty complex.

What I've never understood is how Krugman for all of his brilliant writings on exchange rates and international economics could throw all of that out the window when he writes that drivel of his supporting the empty suit under the desk.

Posted by: Bill Clinton 2011-09-13 11:21

#1 ...and what percentage ever served honorably in the military?

Posted by: Procopius2k 2011-09-13 11:00

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