DC Real GDP 2005-2013

 

The chart above illustrates the District’s economy in real chained dollars. That’s economist speak for dollars that have been adjusted for inflation. The chart reflects the fact that the District’s economy has contracted from $106.48 billion in 2011 to $105.47 billion in 2013. The numbers are less important than the trend. What does this really mean for the average DC resident?

  • Fewer jobs
  • Many fewer good jobs
  • Less affordable housing
  • Less housing, period
  • Fewer new restaurants
  • Fewer new retail stores
  • Fewer new companies created in the District
  • Fewer companies moving to the District
  • A less dynamic District
  • More income inequality
  • Less economic inclusion
  • Less tax revenue
  • A corresponding reduction in social services
  • Less upward mobility
  • Less opportunity for promotion and advancement
  • Less of the Streetcar project
  • Fewer improvements to Metro
  • Fewer new bus routes
  • Higher taxes
  • Higher fees
  • Bye bye budget surpluses
  • More crime
  • More violent crime
  • More traffic
  • Fewer new parks and green space
  • Fewer small retail businesses
  • Slower population growth or contraction
  • Lower graduation rates
  • As Jimmy Carter would say, a general malaise
  • There are sure to be more. Let us know  what we’ve missed at growth@economicgrowthdc.org

So you have what is technically a two-year recession. How do we turn it around? It’s false to think it’s not within our control. The District doesn’t control the business cycle, but it does control the way it regulates and taxes, and the way it enforces its rules.

Here’s step 1: A Pro-Growth Agenda