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Beltway Earnings Make U.S. Capital Richer Than Silicon Valley
Key Excerpts from Article on Website of Bloomberg/Businessweek


Bloomberg/Businessweek, October 19, 2011
Posted: October 25th, 2011
http://www.businessweek.com/news/2011-10-19/beltway-earnings...

Federal employees whose compensation averages more than $126,000 and the nations 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 nations 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. Theres a gap thats isolating Washington from the reality of the rest of the country, Zeese said. They just get more and more out of touch. In recent years Washington has attracted more lobbyists and firms with an interest in the health-care overhaul and financial regulations signed into law by President Barack Obama. Wall Street has moved to K Street, said Barbara Lang, president and chief executive officer of the DC Chamber of Commerce, referring to the Washington street thats home to prominent lobbying firms.

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