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Economic bad news adds to state's 9.3 percent unemployment and 43 percent increase in foreclosures
BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM
New Jersey's median household income declined by $7,214 between 2006 and 2008, the largest dollar decrease in the nation, according to newly-released U.S. Census Bureau statistics, and that is providing campaign fodder for Republicans to attack Gov. Jon Corzine's economic recovery efforts.
New Jersey, which had the highest two-year average income in the nation at $71,284 in 2005-2006, dropped to fifth at $64,070 in 2007-2008.
The state 10.1 percent decline in median income was exceeded only by Vermont's 10.3 percent. No other state declined by more than 6.4 percent including neighboring Delaware, a 4.5 percent decline; New York, 2.2 percent, and Pennsylvania, 1.1 percent.
New Hampshire has the highest median income at $68,175, a $3,662 increase, followed by Maryland at $65,932, which is actually a $1,433 decrease, with Connecticut third at $65,644, a $3,274 increase, followed by Alaska at $64,701, a $3,756 increase.Percentage wise, North Dakota's median income increased the greatest at 9.2 percent, followed by Colorado at 8.1 percent.
The national median income is $51,233, a decrease of $50 from 2006.
Assemblyman John DiMaio (R-Warren) called the New Jersey figures disheartening put the blame for the 10.1 percent decrease in New Jersey's median income on the fiscal policies of Gov. Jon Corzine and the Democratic-controlled Legislature.
"These numbers show New Jerseyans are losing their jobs and homes at egregious rates, while our neighboring states are doing a better job of protecting the quality of life for their residents," DiMaio said. "Unfortunately for New Jerseyans, this shows what happens when state leaders continue to follow the same failed policies of the past instead of making tough choices to make our state more affordable for families and the businesses that employ them."
Republican gubernatorial challenger Chris Christie also reacted to the figures.
Christie said, "As if the 9.3 percent unemployment rate and the 43 percent spike in home foreclosures was not enough evidence, the devastating drop in New Jerseyans' income clearly refutes Jon Corzine's claims of economic recovery for our state.''
The governor's office had no immediate comment on the median income figures or the Republican criticism.
