I'm sure this thread will soon be full of lies and slander (or is it libel?), but I generally make the assumption that:

• 50% have no formal training and generally don't know what the foolishness they're talking about,
• 25% have no formal training, but have made enough of a hobby of it to know quite a bit,
• 20% have taken one or two intro Economics classes and know enough to pass for formally educated if no one's looking too closely (hi there!)
• 2.5% have taken one or two intro classes that went in one ear and out the other, yet think they are infallible, and
• 2.5% have some kind of degree or significant experience.

Qualification: all of these are wrong.