Yep – richer than NYC’s elite suburbs or Silicon Valley. Is anyone really surprised?
Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show.
The U.S. capital has swapped top spots with Silicon Valley, according to recent Census Bureau figures, with the typical household in the Washington metro area earning $84,523 last year. The national median income for 2010 was $50,046.
The figures demonstrate how the nation’s political and financial classes are prospering as the economy struggles with unemployment above 9 percent and thousands of Americans protest in the streets against income disparity, said Kevin Zeese, director of Prosperity Agenda, a Baltimore-based advocacy group trying to narrow the divide between rich and poor.
“There’s a gap that’s isolating Washington from the reality of the rest of the country,” Zeese said. “They just get more and more out of touch.”
Total compensation for federal workers, including health care and other benefits, last year averaged $126,369, compared with $122,697 in 2009, according to Bloomberg News calculations of Commerce Department data.
C’mon Occupiers – “Occupy Falls Church.” You know you can do it.
PS – The driving factor behind this is probably the pounding that the financial sector has taken during the last three years, concurrent with the massive increase in government and legislative lobbying efforts initiated by the Obama Administration. (Remember when candidate Obama promised that his Administration would be free from the corrupting influence of lobbyists? Nah, me neither.) Oh, and according to the latest available tax data, the Top 1% of earners brought in only 8% of the total earned income in 2009. If you still believe that this group of people can function in a stand-alone fashion as sugar daddies for big government, you would be sadly mistaken.