Can you think of any organization, large or small, more inefficient in meeting its mission to serve the public than one that seeks to optimize savings (increase profits). In the corporate sector, the mission is maximize how much you get off the customer and to minimize how much you have to give the customer. This model does not work when the goal is to give as much service as possible while minimizing any leftover "profit" (since it isn't allowed to pile up money for future need or self-gain).
This requires hiring the very best people you can. Being able to keep people a long, long time helps agencies avoid repeating mistakes. Part of the reason term limits have been a failure -- new legislators come in and say "Hey, let's try this brilliant idea I came up with in the shower" and their staff roll their eyes because they remember when that was tried in the 1980's and all the unforeseen problems that it caused.
I've dealt with both government and corporate environments (several of both). Hands down the private companies were more wasteful and less efficient. State and federal government has waste and inefficiency, but much of it is due to extra legal requirements that private companies don't have to deal with.
To those who say government/military are not the models to follow have not done their homework on the underbelly of private policing and contracted security. THAT is waste, inefficiency, and ineptitude.
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