The crime pandemic in Washington is top of mind for many these days. Unfortunately, there is an equally troubling issue that many are not focused on — the health of the District’s finances and our competitiveness in attracting residents, workers and companies to D.C.
Every major city in the United States has a spending and revenue problem, and D.C. is no different. D.C.’s 2024 budget is $20 billion, including federal funds, or $29,806 per resident. Contrast that to Anthony Williams’ last year as mayor in 2004, when the budget was $3.033 billion, or $5,283 per resident (D.C. finished that year with a $318 million surplus).
It is hard to imagine how you can go from $3 billion to $20 billion in 20 years, as that is a 10% growth rate, compounded annually, while the average inflation rate in the United States during the same period was 2.67%. The city used the one-time federal Covid aid to permanently grow the budget and city programs. The primary culprit here has been heavy spending…
Read the full story from the Washington Business Journal.
