If we had a real reformer in the White House, we’d see real estate values plummet in our nation’s capital as people long sucking at the teat of the federal government would have to find more productive uses for their talents and energies. Instead, we see the Washington, D.C-area weathering the great recession much better than other jurisdictions across the country:
The Washington Business Journal reports that while nationwide CEOs of top companies saw a 5.5 percent pay hike, Beltway-area CEOs saw a 37 percent raise — more than in any other city.
This may be yet another symptom of the new Giant Sucking Sound: the nation’s wealth rushing to the seat of government power in the wake of the Bush Bailouts and Obama’s spectacular increase of government’s role in the economy.
Other symptoms: DC’s housing market is the second-strongest in the nation according to one recent measure; the richest county in the nation, and 6 of the 10 wealthiest, are DC bedroom communities; and the area’s unemployment is the lowest in the nation.
The lesson is clear: government, not the free market, is where money is made these days.
But, since government does create wealth, instead as one politician might put it, just spreads it around, it soon too may have trouble finding the resources to pay for the extravagant habits of Beltway denizens.