DC: What Recession?
Bloomberg reported yesterday that Washington, D.C., has the highest average incomes in the nation. That's big government Washington, D.C., where Uncle Sam's extravagant borrowing -- pump-priming, as the Keynesians once termed it -- redounds to the benefit of metro D.C. residents. Well, pump-priming and the permanent government class, along with the suckerfish lobbyists, lawyers, and contractors who make big bucks off government.
If the nation's capital city were a movie, it would be titled: "The Land that Recession Forgot."
No wonder Washingtonians and their suburban brethren can't connect with Joe and Jane Six-pack's pain in Akron, Ohio, or Topeka, Kansas. D.C. dwellers aren't experiencing pain. D.C. is enjoying fat days while much of the rest of the nation is lean -- and getting leaner.
Last year, the average household income in metro D.C. was a comfortable $84,523, compared to the national average, which hovered around a modest $50,000 annually. The eighty-four grand average was down from the previous year's $85,000, rounded. Ouch!
It appears that handsomely paid bureaucrats and lawyers helped push up D.C.'s income average. Total compensation for a typical federal worker was $126,369 in 2010. With 170, 467 federal employees in the D.C. area, that's quite a concentration of purchasing power.
While residential real estate suffers in Phoenix and Orlando, the D.C. housing market continues as if it were 2007 all over again -- or close enough. D.C. restaurants, bistros, and boutiques aren't lacking patrons. Lexus, BMW, and Mercedes nameplates crowd the streets of Georgetown, Bethesda, Potomac, and Old Town Alexandria.
For metro D.C. residents, happy days aren't here again... they never ended.
Perhaps all D.C. metro's citizens can sign an enormous thank you card to America's taxpayers for making their lives so much better and easier. After all, it's taxpayer money and credit that's built Washington, D.C., into the Land that Recession Forgot.