Grand Rapids, MI -- (ReleaseWire) -- 09/20/2013 -- The current economy in the U.S. can be hard to follow. Dennis Tubbergen is a financial advisor, author, radio show host and CEO of PLP Advisors, LLC and can be turned to when you need a little help understanding the latest economic happenings in the U.S.
Whether people enjoy his monthly newsletter at www.moving-markets.com or his blog at http://www.dennistubbergen.com, Tubbergen is devoted to breaking down current financial events so everyone can understand them. On September 17, 2013 his blog was titled New Jersey Feeling Economic Pain.
"A recent article on NJ.com pointed to the fact that even though the recession has officially ended, many New Jersey citizens are feeling the economic pinch more than ever," began Tubbergen.
Below he quotes from the September 8, 2013 article.
Poverty in New Jersey continued to grow even as the national recession lifted, reaching a 52-year high in 2011, according to a report released today.
The annual survey by Legal Services of New Jersey found 24.7 percent of the state’s population — 2.1 million residents — was considered poor in 2011. That’s a jump of more than 80,000 people — nearly 1 percent higher than the previous year and 3.8 percent more than pre-recession levels.
"This is not just a one-year or five-year or 10-year variation," said Melville D. Miller Jr., the president of LSNJ, which gives free legal help to low-income residents in civil cases. "This is the worst that it’s been since the 1960 Census."
Perhaps one of the most shocking aspect of New Jersey's plight is that New Jersey is one of the wealthiest states in the nation. But New Jersey is not alone. According to the Congressional Research Service, the federal poverty rate was the highest it has been in 18 years in 2011.
The report — the seventh issued by Legal Services — defines being poor in New Jersey as a family of three making less than $37,060. That’s twice the federal poverty rate because New Jersey’s cost of living is among the highest in the nation.
The report also found:
- A record high of more than 630,000 children — 31.2 percent — lived in a household defined as poor.
"These statistics are not surprising given the current economic winter season," stated Tubbergen. "And, as the article states, it’s not just New Jersey that has been affected. The entire country has been affected and resources are strained."
To read more alarming points from the report and to see Tubbergen's conclusion, go to http://www.dennistubbergen.com and select his September 17, 2013 entry.
Tubbergen’s syndicated radio show can be heard on metro Michigan stations WTKG 1230 AM and WOOD Newsradio1300 AM and 106.9 FM. To listen to his shows as podcasts go to http://www.everythingfinancialradio.com
About Dennis Tubbergen
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices in Grand Rapids, Michigan. Tubbergen is CEO of PLP Advisors, LLC and has an online blog that can be read at http://www.dennistubbergen.com. To view Tubbergen’s latest Moving Markets? newsletter, go to http://www.moving-markets.com.
The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.