Wikinvest Wire

Guppies? Government Urban Professionals?

Wednesday, September 16, 2009

You know this will eventually end very badly, but, for the time being at least, Washington D.C. is the premier destination for the young and upwardly mobile from all across the land, this development likely having something to do with the fact that trillions of dollars of newly created and borrowed money continue to gush from the nation's capital.

Reuters reports that the area now has the highest concentration of thirty-somethings pulling down more than a hundred grand a year and, given that the U.S. economy will likely require largess from Uncle Sam for some time to come, there seems to be little threat that they'll lose that distinction anytime in the foreseeable future.

Sixteen of the top 50 counties in the United States with the highest share of wealthy young people are in the Washington, D.C. area.

Loudoun county, which is part of the Washington metropolitan area, has 10 percent, or 10,327 young adults, making more than six figures -- more than San Francisco and New York in terms of percentage of the population.

"In 1990 you had a lot more concentration of this demographic in the heartland and in Texas, likely driven by the oil economy, and some of the agribusiness," Michael Mancini, of The Nielsen Company, said in a statement.
Arlington County, in Virginia near Washington, D.C. captured the second spot, followed by San Francisco, Manhattan and Douglas County, which is situated between Denver and Colorado Springs in Colorado.
Let's just hope that our Asian trading partners keep lending us money and that the Federal Reserve never has to sell all their GSE debt. Developments such as those could suddenly make the greater Washington D.C. area a much different place to live and work.


albrt said...

OK, they had me until they said this demographic was previously concentrated in the heartland working in agribusiness.

This is from the Onion, right?

Tim said...

Yeah, I didn't quite get that either - I can understand the Texas oil boom, but agribusiness?

Walker said...

The term "guppies" was already used in the 80s, for gay urban professionals. People have no sense of history.

erikpupo said...

I live here now and all I can say is Tim hits it on the head. Many of the urban professionals might not like the nightlife, horrible traffic, and weather, but the money is just flowing like mad for all kinds of government programs, all of which require contractors.

In fact its not just government that does most of the hiring, its contractors paying wages far above what is paid at the median for the same kind of work.

Is it a bubble? Sure. But many dont care because the government has become so predictable in its overspending that we all think it can never end.

Anonymous said...

Well it really doesn't matter if it is a bubble, if you can cash in on it and preferably stash that money in something other than the U.S. dollar.

As for those who aren't Government Urban Professionals, and have to pay the taxes to support these Government Urban Professionals: the future's so bright my high beams barely illuminate it. But what they hey, get blood out of a stone, Guppies need their luxuries.

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