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Originally published on PolitickerNJ. Cross-posted at DailyKos.
It comes as no surprise that income inequality in America – the divide between the wealthy and everyone else – has grown in recent years. Now we have a new report documenting the growing divide here in New Jersey.
The report “Income Inequality In New Jersey: The Growing Divide and Its Consequences,” issued by Legal Services of New Jersey, shows that this terrible trend is just as bad in New Jersey as in the country – maybe worse.
Basically, the report shows the rich have gotten richer and everyone else – middle class families, working people and the economically disadvantaged – have suffered. Whatever wealth that has been generated over the past decade has gravitated to the top.
More than 75 percent of the additional income generated in New Jersey went to the top 20 percent of households, with the richest 1 percent receiving the bulk of the increase. The bottom 40 percent lost income and everyone else experienced stagnate income or minimal growth that failed to keep pace with inflationary costs.