Broad unemployment metric puts N.J. in middle of pack
The government’s broadest measure of unemployment and under-employment shows the labor situation in New Jersey is about average.
The Bureau of Labor Statistics Monday reported 16 percent of the state’s workers were “underutilized” in 2011. That statistic includes the 9.4 percent of New Jerseyans considered unemployed in 2011, as well as those working part-time instead of full-time, due to the economy; and those who were unemployed and open to work, but weren’t actively seeking it.
New Jersey’s 16-percent underutilization rate — referred to as the U-6 rate by the government — was up slightly from 2010 (15.7 percent) and in line with the national figure of 15.9 percent. (Kaltwasser, NJBIZ)
Florida to sue DHS in voter registration battle
By Jonathan Easley – 06/11/12 05:14 PM ET
Florida Gov. Rick Scott (R) said he will sue the Department of Homeland Security (DHS) to move forward with his controversial attempt to purge the voter-rolls in his state of ineligible voters.
“I have a job to do to defend the right of legitimate voters,” Scott told Fox News on Monday. “We’ve been asking for the Department of Homeland Security’s database, SAVE, for months, and they haven’t given it to us. So this afternoon, we will be filing a lawsuit, the secretary of State of Florida, against the Department of Homeland Security to give us that database. We want to have fair, honest elections in our state and we have been put in a position that we have to sue the federal government to get this information.”
The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.
The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.
Bring your family and friends to enjoy Ridgewood July 4th Celebration on Wednesday, July 4th. Buy Fireworks tickets at local stores in advance and save or online at www.ridgewoodjuly4th.org Schedule of Activities 9 AM – Flag Raising at Wilsey Square (near train station) 10 AM – Parade (Rain or Shine) 6 PM – Gates open for Fireworks – musical entertainment, twirlers, skydivers and FIREWORKS at dark. Further information – www.ridgewoodjuly4th.org
Ridgewood NJ , According to Joseph Henchman ,Vice President, Legal & State Projects, of the Tax Foundation:
Since 2008, several states have attempted to tax online purchases by their state’s residents, https://taxfoundation.org/article/trend-5-amazon-taxes even when the seller has no physical presence in the state. These laws, nicknamed “click-through nexus” or “Amazon tax” laws (after their most visible target), have been extremely controversial.
Contrary to the claims of supporters, do not provide easy revenue. In fact, the nation’s first few Amazon taxes have not produced any revenue at all, and there is some evidence of lost revenue. For instance, Rhode Island has seen no additional sales tax revenue from its Amazon tax, and because Amazon reacted by discontinuing its affiliate program, Rhode Islanders are earning less income and paying less income tax.
While efforts continue at the state level to enact these laws, their dubious constitutionality and lack of success in raising revenue or leveling the playing field has shifted attention to the federal level.
Congress is considering proposals to set standards for state sales tax collection on interstate sales. Two recent proposals in particular would eliminate the physical presence rule but otherwise make advances towards ensuring that states reduce the burdens associated with collecting their sales taxes.
If you’d like us to e-mail you these and all other Tax Foundation reports on state taxes, be sure to subscribe to our State Tax Fiscal Policy Reports and Releases e-mail list at https://taxfoundation.org/tax-foundation-e-mail-updates.
Commerce Secretary John Bryson accused in hit-and-run crashes
June 11, 2012 | 12:25 am
Authorities are investigating a series of traffic collisions in the San Gabriel Valley involving U.S. Secretary of Commerce John Bryson, authorities said Saturday.
Bryson was found unconscious in his vehicle and has been hospitalized, officials said.
Bryson was driving a Lexus in the 400 block of South San Gabriel Boulevard shortly after 5 p.m. Saturday, when he allegedly rear-ended a Buick as it was waiting for a train to pass, according to a statement released by the L.A. County Sheriff’s Department and the San Gabriel Police Department.
After briefly stopping to talk to the three men inside the Buick, Bryson left the location in the Lexus and then struck the Buick a second time, authorities said. The men followed Bryson’s car and called 911 to ask for police assistance.
Bryson continued to drive his Lexus into Rosemead, which is patrolled by the Los Angeles County Sheriff’s Department. There, he allegedly crashed into a second vehicle near the intersection of San Gabriel Boulevard and Hellman Avenue.
There authorities found him alone and unconscious behind the wheel of his car.
Bryson was treated at the scene by Los Angeles County firefighters. Authorities said drugs or alcohol do not appear to have played a role in the crash. They said Bryson was cooperative. He was cited for felony hit and run but was not booked into jail because he had been admitted to the hospital. His condition was not known.
A trade group representing third-party power suppliers says a plan to revive the state’s solar industry unfairly singles them out to fund the changes.
The Retail Energy Supply Association is asking legislators to delay implementation of a solar rescue bill, currently being debated in Trenton, until June 2015, which they say would help put all power suppliers — including the state’s regulated utilities — on an equal playing field.
The Assembly Telecommunications and Utilities Committee is scheduled to hold a hearing Thursday on a plan that would boost the renewable energy requirements for New Jersey power suppliers. The change is meant to help the solar industry, which has been in a state of flux for the past year. (Kaltwasser, NJBIZ)
N.J. bill making evaluations key to teacher tenure may soon be introduced
More than a year after state Sen. Teresa Ruiz began gathering evidence on how to overhaul the state’s century-old teacher tenure law, a bill that would link the job protection to regular evaluations may soon be fast-tracked in Trenton.
Ruiz (D-Essex) said during an editorial board meeting late last week that she has meetings scheduled Monday to hammer out the bill’s contents and expects to introduce an updated draft of the legislation as early as this week.
“I’ve wanted to focus on tenure reform since I came into office,” she said. “This month, I intend to post a bill that will be passed and a bill that will be signed.” (Calefati, The Star-Ledger)
Ridgewood Crew puts in strong showing at Nationals
FRIDAY, JUNE 8, 2012
the staff of the Ridgewood blog
Ridgewood NJ, Ridgewood Crew emerged with two medals at the Scholastic Rowing Association of America (SRAA) National Championships held at Camden’s Cooper River Park on Memorial Day weekend .
The Ridgewood Crew men’s JV double boat of John Sluis and Trevor Wilkinson brought home a bronze medal from SRAA Nationals, and women’s JV double boat of CJ Chiaramonte, and Maeve Cannon capped its season with a silver medal . While women’s varsity double Megan McKeon and Sophie Noel teamed up for a fifth-place.
Ridgewood Crew is an independent, privately-funded club not affiliated with Ridgewood High School, it fields a 59-rower roster and is comprised almost entirely of RHS students.The club is structured similar to that of most high school-sanctioned sports in that it is split up into varsity, junior varsity and novice levels.
The RC coaching staff includes fourth-year head coach Helen Woznack who not only oversees the entire team but also directly coaches the men’s varsity and JV squads assistant coaches,Becky LoBello (women’s varsity/JV), Jackie Nolan (women’s novice), 2010 RHS graduate James Bigos (men’s novice), Jessica Schneider and Stacey Ornitz.
Ridgewood Crew boast many successful alumnae two currently on rowing scholarships ,Maggie McCrudden, now a sophomore at Syracuse University, the other, Kaitlin Flood, recently completed her freshman season at the University of Delaware.
Other RC rowers have also gone on to compete at Cornell University, George Mason University, Georgetown University, Skidmore College and Williams College.
New Jersey Gov. Chris Christie scoffed at President Barack Obama’s comments about state and city governments Friday, saying the remarks are an “outrage” and indicative of the “core differences between who we are and what he represents from America.
“The president fundamentally believes that the way to support our economy is to take more in taxes from all of you and spend it on more public workers who then will pay a fraction of that money back in taxes,” Christie told conservatives gathered at the Conservative Political Action Conference here. “If anybody ran a business like that, they would be out of business quickly, and Barack Obama’s leadership is driving this business — the United States of America — toward a fiscal cliff. We’d better stand together in the next five months and stop him from doing it.” (Summers, Politico_
Ridgewood baseball picks up it’s first state title since 1970
June 9,20120
the staff of the Ridgewood blog
Ridgewood NJ ,For the first time in 42 years Ridgewood High School baseball team captured their first state-sectional championship. Winning the state-sectional championship for the first time since 1970.
The Maroons did it combining a strong pitching performance of junior ace Kevin Skettini with great defense and base running to manufacture a 2-0 victory over Livingston for the North 1, Group 4 state title.
After reaching the semifinals and seeing there hopes dashed the last two years , winning the section, and going 4-0, was a huge accomplishment for the team and third year coach head coach Kurt Hommen . and the biggest accomplishment for the Maroons since 1970
Hommen told the Ridgewood News after he was asked if he thought his team this year would be playing in the Group 4 state semifinals, Hommen replied, “No. The last two years, we’ve been here [in the state tournament], but with a little more experienced group. I thought we could come along this year. I thought the sophomores would be talented [four of them were every day starters and another was the No. 2 pitcher], but I didn’t know how well they would handle varsity right away. And they just kept getting better.”
NO More Crush on Obama :‘Obama Girl’ is ‘not as excited’ about 2012, won’t endorse Obama
By Zach Gorelick – The Daily Caller | The Daily Caller – Fri, Jun 8, 2012
Amber Lee Ettinger, widely known as “Obama Girl” during the 2008 presidential campaign, told The Daily Caller she is “not as excited as I was the last time, that’s for sure.”
The model-actress became a nationally known celebrity after starring in the viral YouTube video “Crush on Obama.”
“Barack Obama was definitely the first ‘Internet President,’” she said, describing her experiences during the last cycle as “quite a roller coaster ride.”
This time, however, Ettinger won’t say if she still supports Obama.
“At this point I’m keeping that to myself,” she told TheDC. “If I’m not making videos, I’m not sure it’s anyone’s business who I’m voting for this time around.”
Euro zone agrees to lend Spain up to 100 billion euros
By Jan Strupczewski and Julien Toyer
BRUSSELS/MADRID | Sun Jun 10, 2012 1:38pm EDT
(Reuters) – Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week.
After a 2 1/2-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would be sufficiently large to banish any doubts.
“The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euros in total,” a Eurogroup statement said.
Top Customer: Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%
By Terence P. Jeffrey
June 7, 2012
(CNSNews.com) – Since President Barack Obama was inaugurated in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled, according to the Fed’s official monthly balance sheet.
On Jan. 28, 2009, a week after Obama’s nomination, the Fed owned $302 billion in U.S. Treasury securities. On April 25, 2012, the latest date reported, the Fed owned five and a half time that much in U.S. Treasury securities–$1.668 trillion.
That is an increase from January 2009 of $1.366 trillion—or 452 percent.
Stuck on Stupid: UBS May Have Facebook Trading Loss of $350 Million
Published: Friday, 8 Jun 2012 | 2:15 PM ET Text Size
By: Maria Bartiromo
UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC.
That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others.
