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I will partially buy that for a dollar. The problem with a consumption based economy is slow production, and high debt. We really need more jobs and startups. I think we are seeing it all over that DCs high income based on taxpayer revenues is not really sustainable.
DC needs 10 fold the startups and private industry that it has now IMO (10x).
Startups on that level are the Bay Area's niche (only). Why do you want DC to become the Bay Area? I don't understand that.
DC has its own thing and does it quite well. It has the larger economy, higher paying jobs and less unemployment for one thing.
Last edited by BigCityDreamer; 09-23-2012 at 02:09 PM..
Another private industry that DC does very well in is the captive insurance market. DC is ranked #5 in the US (by state) and #12 in the world for the number of captive insurance companies domiciled in DC. The District's Department of Insurance, Securities, and Banking is well-respected in the insurance market (see article below). A captive insurance company is a wholly-owned subsidiary whose business purpose is to provide insurance to the parent company/organization.
Some of the companies/organizations that have DC-based insurance companies to insure their own risks are:
+ Willis Tower (formerly Sears Tower)
+ Port Authority of New York and New Jersey
+ AARP
+ Millennium & Copthorne Hotels (Headquartered in United Kingdom)
+ Subaru of America
+ General Motors
+ Wells Fargo Bank
+ Comerica Bank
+ MedStar Health
In all, there are over 150 captive insurance companies domiciled in DC, and they all pay taxes which go to the DC treasury.
Agree there that it is a volitile market, but thats why SV has grown to be the great place that it is, in DC there is no need to innovate because besides avoiding sequestration, you can spend like there is no tomorrow.
Remember, 7 of the top 10 highest paid counties are right here in DC.....where people slug to work and shuffle papers.
This country would be so much better if we could get some of the people that work in SV doing the same things here in the government (building apps, changing markets, driving innovation etc.).
Apps? Really? Instagram is going to address health care, Social Security, defense and foreign policy issues?
starbucks and dunkin donuts, clubs and bars, hotels, auto mechanics,
music bands, realty companies, plumbers, a/c & heating cos.,
landscapers, restaurants, contractors, home depot, taxis, etc;
everything any other city has.
Apps? Really? Instagram is going to address health care, Social Security, defense and foreign policy issues?
Yeah, and take care of Ahmadinejad and that whole NWO thing too.
Once more.....and slowly....
DC/Federal Government has a problem with employment. There are individuals who occupy positions, and then intentionally slow work in Government because there is no threat of termination. In other parts of the country, with private employment (NYC, SV, Chicago) if you behave the way that government workers do here, you would be terminated. The Federal government knows this and is trying to shed workers (BRAC, Sequestration, Performance Ratings, etc.).
If -- (and this is a big IF) we could get people in Government working at the same performace level as those in private industry, DC and the Federal government (and thus the country) would fare somewhat better, in addition to this, if Government could actually lead or partner in innovation vs. just being a massive paper filing machine, workers would be alot more content as well.
Startups on that level are the Bay Area's niche (only). Why do you want DC to become the Bay Area? I don't understand that.
DC has its own thing and does it quite well. It has the larger economy, higher paying jobs and less unemployment for one thing.
Because the problem with DC is that it is not generating enough revenue for itself. To put it simply, DC needs many more businesses than it currently has, and much more corporate presence/income cash flow. The schools, the city, and the public services need more money, and DC isnt doing enough to generate revenue.
If you look at AK, they get billions from the oil drilling that is done there, no sales tax or income tax. California 1.5 Bln from facebook alone (that number will undoubtely drop). The Federal government stimulates salaries in the area, but does little for the state from a corporate perspective (the SIs are filling that gap, in VA and MD....not in DC).
DC needs more businesses so it can properly operate its programs.
I am making generalizations about the federal government and its employees. I am generally casting them as lazy and intentionally inefficient.
I'm going to put forth an ideal private sector archetype and ignore the inherent inefficiencies in any organization of substantial size and complexity.
I'm also going to ignore that the government, as one of its many of functions, is a partner or the lead in innovation across the spectrum of research areas and characterize their role as purely menial administrative busywork.
I will repeat these generalizations ad nauseam. Emoticon.
We know. We know.
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lol
