FWIW, -crat is a lexeme unto itself, but I think that in educrat the connotation of bureaucrat is meant to seep in. That might be why some object to the word. I would like to distinguish between portmanteau words, in which non-leximic elements are smooshed up into each other (e.g., smog, from smoke and fog) and words built up from legitimate lexemes (e.g., educrat).