Dick Armey (former House majority leader and himself an econ PhD) in an NYT Magazine article by Michael Sokolove:

He spent the first part of his working life as a professor, rising to chairman of the economics department at North Texas State University. “I’m an economist and, I don’t mind telling you, a damn good one,” he told me over breakfast. He added, “President Obama is a talented person who showed up at exactly the right time, but I don’t believe the man has ever been exposed to a serious economic idea, and I’m not sure anyone around him ever has, either.”

I pointed out that Obama’s circle of advisers includes some decorated economists, including Larry Summers, the former president of Harvard — a controversial figure but not one generally regarded as an intellectual slacker. “I don’t consider Larry Summers a serious economist,” Armey said. “You can get a Ph.D. from Harvard without ever having seriously considered the subject.”