The Plundering Class
By Randall Holcombe • Friday December 17, 2010 12:45 PM PDT • 2 Comments
Despite the nation finding itself in a very slow recovery, one part of the country is doing very well. Newsweek reports that seven of the nation’s ten highest-income counties are in the Washington, D.C., area. Four of the highest-income counties are in the D.C. suburbs of Maryland and three are in Virginia. Also in the top ten are two New Jersey counties and one in New York.
At the top of the list is Loudoun County, Virginia, with a median household income of $114,000. Only 16% if Loudoun County’s households make less than the national median income. The unemployment rate in Loudoun County, at 4.9%, is well below the national average of 9.8%. But that makes sense in light of the fact that while the private sector lost jobs during the recession, government employment went up.
If you are looking for economic security in tough times, it appears you’re better off as a member of the plundering class than the productive class.