...and they were right.
Wealth Redistribution in Washington D.C.
Here are some of the highlights of a remarkable Reuters expose about the fat cats of big government, starting with the huge gap between the insider elite and the poor.The growing wealth of Washington D.C. in comparison with that of the country is a sign of dysfunction.
In the town that launched the War on Poverty 48 years ago, the poor are getting poorer despite the government’s help. And the rich are getting richer because of it. The top 5 percent of households in Washington, D.C., made more than $500,000 on average last year, while the bottom 20 percent earned less than $9,500 – a ratio of 54 to 1. That gap is up from 39 to 1 two decades ago. It’s wider than in any of the 50 states and all but two major cities.One small but important correction in the previous excerpt. As I have noted many times, the “poor are getting poorer” because of “the government’s help.”