Where do your revenues come from--government? I can't imagine competition allowing a business to survive in the private sector with such low productivity per person? Now if your government, with no competition, I fully understand.
What he's describing is maybe a little extreme - but not much. First coming out of college I ended up at two extremely prominent - and large - high tech outfits. Both fit the mold he described. At least half the people could have been eliminated with negligible impact on actual output. But that would mean eliminating half of management, as well, and the innate human instinct to "empire build" won't allow that to happen until reality puts a gun to our heads. The dirty little secret of "capitalism" is that big business is every bit as inefficient as big gov't. It's just in the nature of humans to make it so. The US has been a socialist country from the moment of inception, political sloganeering to the contrary notwithstanding. E pluribus unum