Income for Americans is on the decline everywhere. Well, everywhere except Washington, DC. Income there is soaring thanks to this big spending bloated government we have. It’s getting more like the Hunger Games every day.
As the Journal has noted recently, the U.S.’s lethargic economic recovery is hindering income growth, depriving citizens of spending power and leaving many stuck in poverty.
But D.C. — which wasn’t hit as hard as other major U.S. cities by the 2007-2009 recession — is a different story. Its local economy is expanding faster than the broader nation, and its property market is soaring, thanks in part to increased federal-government spending and an influx of federal contractors, lawyers and consultants.
There is, however, a dark side to D.C.’s relative prosperity. (Read More)
Only the well connected are sharing in DC’s wealth. The poor there, like in the rest of the US, are getting poorer. The poverty rate there is worse than anywhere else in the country. Gee, you would think with all of the wealth redistribution going on in DC that the residents there would be lifted out of poverty. But that never really was the goal.