One rule of thumb is that it can be fatal to your job prospects if you outdress the person interviewing you.
My last few jobs were at a pretty high level and a fella couldn't go wrong with a good suit, a nice tie and a spit-shine on his cap-toes. Here in Maine, we're a bit more casual and for the same interview, slacks, a sport coat (both cleaned and pressed), a tie and a good shine on your penny loafers would be more in order. Oh, yeah, and don't forget the haircut.
I didn't see the Lauer interview. My own view is the President can wear whatever he pleases -- the reality of his next four years is that he could step out of the shower bollocky bare-arsed some morning and find a general and three advisors standing there needing immediate authority for a missile strike.
If I'd been Matt (who was dressed in a way that would be respectful of the President's position) I'd probably have asked my handlers to get with O's handlers and see if it would be alright to dump the suitcoat and go with tie and shirtsleeves. But that's just me.
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