Saturday, January 26, 2013

The Permanent Political Class

Boomtown exposes the crony capitalism in Washington, DC.
 “It’s a bipartisan problem. But the Obama Administration has taken crony capitalism to a whole new level. Being pro-free markets is not the same thing as being pro big business. ‘Boomtown’ explains the difference.”
Indeed, the explosion of wealth in Washington is undeniable. Consider the following:
    • D.C. is the 4th fastest city in the country at minting new millionaires.
    • Average income among the top 5% of Washington households is $473,000. That’s the highest among the 50 largest U.S. cities.
    • Average income among the top 20% of D.C. households is higher than in every city except San Francisco.
    • Between 2007-2008, the amount of money spent on lobbyists jumped by almost $500 million—the biggest jump in the last 15 years by far because of bailout money.
    • Only Atlanta and Boston have greater income divides than the D.C. area.

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