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Money

Growth in national personal income masks truth of dwindling middle class

Growth in national personal income masks truth of dwindling middle class
BY GERALD J. ROBINSON
NEWJERSEYNEWSROOM.COM

The good news masks the bad.

Last week the Commerce Department reported a substantial increase in the nation’s personal income in February from a year earlier. But this good news masks an unhappy fact about our dwindling middle class.

According to a report in the Wall Street Journal on national personal incomes, income from wages, salaries and employee benefits—middle class income—declined from around 75% in 1970 to 64% of the total national income in 2010.

The flipside of this slide is that the share of personal income derived from dividends, interest and rental income — upper middle and upper class income--rose. It’s no big surprise. As we reported in our previous article on our growing plutocracy — rule by the wealthy—the wealth that generates dividends, interest and rental income is more than ever concentrated.

As we’ve previously pointed out, recent statistics show that the top 20 percent of households take in 60 percent of national income, leaving 40 percent for the remaining 80 percent of households.

 

Bayer HealthCare’s commitment to New Jersey reaffirms Gov. Christie's policies

Bayer HealthCare’s commitment to New Jersey reaffirms Gov. Christie's policies

Plans to hire 200 people by 2013

Bayer HealthCare of Wayne and Montville announced Monday that it will consolidate its entire East Coast business in New Jersey, keeping 1,000 jobs in the state and addi...

Sell Johnson & Johnson, buy Becton Dickinson?

Sell Johnson & Johnson, buy Becton Dickinson?
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

A top-performing mutual fund has sold its shares of Johnson & Johnson (in New Brunswick) and bought shares of Becton Dickinson (in Franklin La...

Powerball winning numbers worth $187 million

Powerball winning numbers worth $187 million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

The multi-state Powerball jackpot, which has been growing since late February, just got that much bigger.

There was no winner in the Wednesday, March 30, 2011 Powerball ...

N.J. unemployed get protection from job discrimination

N.J. unemployed get protection from job discrimination

‘Unemployed need not apply’ now against the law

Legislation that makes it illegal for employers to ask out-of-work New Jerseyans not to apply for jobs was signed into law Thursday by Gov. Chris Christi...

N.J. Homestead Rebates will go through local municipalities

N.J. Homestead Rebates will go through local municipalities
BY CAROL ABAYA
NEWJERSEYNEWSROOM.COM

More than 880,000 New Jersey homeowners will receive a credit on their May 1 real estate taxes under the Homestead Credit (formerly Rebate) Program.

Statewide, the cr...

Powerball winning numbers worth $153 million

Powerball winning numbers worth $153 million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

The massive Mega Millions jackpot went across the bridge to New York last Friday, but that doesn’t mean there isn’t another huge stack of money just waiting to be won.

T...

New Jersey foreclosures get help with special master

New Jersey foreclosures get help with special master

New system is intended to protect integrity of process

BY JOE TYRRELL
NEWJERSEYNEWSROOM.COM

Citing the need to reduce a backlog of foreclosures, a Superior Court judge has approved a deal with six major ...

It’s better to borrow for college rather than stop contributions to your 401(k)

It’s better to borrow for college rather than stop contributions to your 401(k)
BY ROBERT J. DiQUOLLO
Many college graduates receive more than a degree – they also leave school with thousands of dollars’ worth of debt.

For parents, this presents a dilemma: Do you find the money now...

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