Meet the new Soviets, no better than the old ones.
“Atlanta, Cleveland and Las Vegas join Detroit as cities with home prices below their 2000 levels; and Phoenix is barely above its January 2000 level after a new index low. The one positive is Washington D.C. with a positive annual growth rate, +2.7%, and home prices more than 80% over its January 2000 level. Other cities holding on to large gains from 11 years ago include Los Angeles (68.25%), New York (65.19%) and San Diego (55.05%)”
I've emphasised the answer to the question, since Joe didn't seem to notice it.
You see, we've built a new Moscow here in the United States, wherein all of the nation's productivity has been captured and redirected to the nation's capital, the absolute seat of power in the authoritarian national economy. Those who have political connections, as in the old Soviet world, get to influence the residents of the building pictured above for handouts; those who do not have connections, get no handouts.
Add to that the increasing size of the Federal bureaucracy under the past three years of Democratic "leadership," and you end up with a pocket of productivity here in the D.C. Metro area that does nothing but thrive off of the taxes paid by the rest of America. It's not like Washington is known for producing anything of value for that money, unless one considers lobbyist-written 2,000 page legislation to be of some merit.
Fortunately for the American people, the Democratic stranglehold on Congress was broken in last Fall's elections, returning the House of Representatives to Republican control.
Unfortunately, however, the Republicans we elected appear to be as spineless as ever.
And so, it looks like things will continue as usual here in New Moscow, right until we go as broke as the Old Soviets did.
Update x2: To those who dispute our New Soviet economy, please see this. The notion of "private" industry may soon be a thing of the past, with the Federal Government now exercising the power of selecting corporate leadership.