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Money

N.J. Income Disparity. Nearly All Income Gains in Post-Recession New Jersey Have Gone to the Top 1%

N.J. Income Disparity. Nearly All Income Gains in Post-Recession New Jersey Have Gone to the Top 1%
BY JON WHITEN
SPECIAL TO NEWJERSEYNEWSROOM.COM

From 2009 to 2012, 81 percent of all income growth in New Jersey went to just 1 percent of the state’s most well-off households, and New Jersey’s top 1 percent took home 27 times more than the bottom 99 percent in 2012. These are the key Garden State findings of a state-by-state report on income inequality released today by the Economic Policy Institute’s Economic Analysis and Research Network (EARN).

The Increasingly Unequal States of America: Income Inequality by State, by Estelle Sommeiller and Mark Price, provides state-specific analysis of income trends from 1917 – 2012, and finds that income inequality, which has been widening in New Jersey for decades, has accelerated significantly over the past few years,

”All these indisputable numbers confirm what most New Jerseyans already know: holding on to a middle-class life has become more difficult as costs rise far faster than their incomes,” said Gordon MacInnes, president of New Jersey Policy Perspective. “For those trying to work their way into the middle class, the news is even worse. These findings should grab the attention of leaders who concentrate on protecting those at the top who are doing just fine.”

 

For the Savvy Investor: What's Next for Oil?

For the Savvy Investor:  What's Next for Oil?
BY ADAM LONGSON & ELIZABETH VOLYNSKY
SPECIAL TO NEWJERSEYNEWSROOM.COM

The price of crude oil has plummeted by some 50% since June. Now, following OPEC’s decision not to cut production, the price tra...

Pumping the Taxpayers for More Money: New Jerseyans Tell Legislators to Take a Hike

Pumping the Taxpayers for More Money: New Jerseyans Tell Legislators to Take a Hike
SPECIAL TO NEWJERSEYNEWSROOM.COM

With gas prices below $2 a gallon in some parts of the state, policymakers are considering raising the gas tax. Legislators say the additional revenue would go to fund ...

Powerball Winning Numbers for Jan 21 Worth $208 Million

Powerball Winning Numbers for Jan 21 Worth $208 Million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

The Powerball jackpot has crossed over the $200 million mark.

Nobody won the Powerball grand prize for the 14th consecutive drawing on Saturday, January 17, so Wednesday...

New Jersey is No. 3 for U.S. Millionaires

New Jersey is No. 3 for U.S. Millionaires
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

Despite what your paycheck may be telling you, New Jersey still ranks really high as a land of the wealthy.

A survey ranking the number of millionaires per capita in U.S...

Across The River, FDU Grad Padilla Making Waves as Nets Marketing Guru

Across The River, FDU Grad Padilla Making Waves as Nets Marketing Guru
BY JOE FAVORITO
SPECIAL TO NEWJERSEYNEWSROOM.COM

Even before the news broke on Tuesday that owner Mikhail Prokhorov may, or may not, be selling the team, the Brooklyn Nets and the Barclays Center were s...

New Jersey’s Upside-Down Tax System: The Lower Your Income, The More You Pay

New Jersey’s Upside-Down Tax System: The Lower Your Income, The More You Pay
BY JON WHITEN
SPECIAL TO NEWJERSEYNEWSROOM.COM

Low-income and middle-class New Jerseyans pay more of their incomes to state and local taxes than wealthy residents, according to a new study released by t...

Powerball Winner for Jan 17 Worth $194 Million

Powerball Winner for Jan 17 Worth $194 Million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

The Mega Millions lottery just had their first jackpot winner of 2015, but Powerball’s top prize is continuing to grow. Which is potentially great news for some local p...

Mega Millions Winning Numbers for Jan. 16 Worth $270 Million

Mega Millions Winning Numbers for Jan. 16 Worth $270 Million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

The Mega Millions lottery has gone nearly two and a half months without a jackpot winner, and is heading for unchartered territory.

That prize is just under $300 million...

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