What’s wrong with that picture? All the stimulus, regulations, bailouts and other spending in the name of the poor and who gets rich? Washington D.C. Tops List of Richest Cities.
• Real Median Household Income Collapses to 16-Year Low;
• 2011 Income Below Levels of Late-1960s, Early-1970s
• Income Variance Hits Record High, Suggestive of Greater Financial and Economic Crises Ahead
What’s wrong with that picture? All the stimulus, regulations, bailouts and other spending in the name of the poor and who gets rich?
LANHAM, Md. (CBSDC) — The Washington region is well off financially.
The D.C. metro area sits atop The Wall Street Journal’s list of America’s richest cities.
D.C. area residents have a median household income of $86,680, well above the national average of $50,502.
The large salaries may be attributable to the nearly 47 percent of workers who hold college degrees, making Washington one of the most highly educated areas in the country.
The list also shows more adults in the area were able to find employment during a down economic time. Just 5.8 percent of the workforce were unemployed in 2011.
Only 8.3 percent of Washington homes are living below the poverty line — the fifth lowest ranking in the country.
McAllen, Tex. is the country’s poorest city with a median income of $31,077.
Overall, the list shows a decline in the national median income for a second straight year and a seven percent decline since 2007.
“If you are not careful, the newspapers will have you hating the people who are being oppressed and loving the people who are doing the oppressing.” – Malcolm X