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News Link • Government

Life is good in the capital of crony capitalism

• Washington Examiner
In the wake of Apple CEO Steve Jobs's death -- and in the midst of the ongoing "Occupy Wall Street" protests--came an ominous report from Bloomberg News last week:

"Beltway Earnings Make U.S. Capital Richer Than Silicon Valley." According to the latest Census figures, Washington, D.C. is now the wealthiest metropolitan area in the United States.

That's good news for local property values, but I can't say it fills me with hometown pride. After all, Silicon Valley's wealth was earned -- just rewards voluntarily given for producing innovations that have dramatically improved our lives.

In contrast, D.C.'s prosperity reflects a parasite economy that battens on wealth created by others. We live in a vast, metastasizing tick of a city, swollen on the lifeblood it drains from the body politic. This is one race the home team deserved to lose.

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