Imperial Capital

http://www.futureofcapitalism.com/2011/09/imperial-capital-1

USA Today reports on new data out from the Census:

Maryland rose to No. 1 in affluence in 2010 — a $68,854 median household income — up from third in 2000. The state's suburban Washington, D.C. neighbor, Virginia, rose from 12th to 9th in affluence. And Washington, D.C., skyrocketed from 28th to 8th, the biggest jump of all when the District of Columbia is compared with the states.

This isn't because of any great manufacturing boom, but because of the boom in government spending and power resulting from the Obama administration and the George W. Bush national security buildup. In other words, it's not because of an AOL-type technology boom in the Virginia suburbs. It's because of a booming business by lobbyists and government contractors and by service industries like restaurants and real estate agents and car dealers whose customers are relatively highly paid federal employees.

by Editor  |  Sep 22, 2011 at 7:32 am Related Topics:  Government Spending receive the latest by email: subscribe to the free futureofcapitalism.com mailing list