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February 20, 2014

The average income of New Jerseyans jumped nearly 63 percent since 1979 -- a much higher rate than for the country as a whole, which was 37 percent, according to the nonpartisan Economic Policy Think Tank.

In New Jersey, the same period saw the wages of the top earners grow 267.4 percent while wages for the remaining 99 percent grew only 41.3 percent. What’s more, according to the report, the top 1 percent saw an income recovery of 9.4 percent by 2011, after the Great Recession, while the 99 percent saw their income reduced by 1 percent.

According to EPI, the upshot is that the Garden State enjoys a lopsided economy in which the richest have incomes 24 times that of the bottom 99 percent. In New Jersey, the top 1 percent had incomes of $1.3 million vs. the average wage of $55,000.

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