Money Clip: Gap between rich and poor is widening

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July 29, 2013, 11:15 am
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(NECN) – We’re checking in on some of the top business stories.

We head to DC and CNBC’s Hampton Pearson has the headlines.

First of all, gasoline prices are on the rise. So drivers should be ready for more pain at the pump. And drivers in Massachusetts will feel even more pain as the gas tax hike goes into effect Thursday with the state collecting an extra three cents a gallon.

The gap between rich and poor is widening. An Associated Press survey finds four out of 5 Americans live near the poverty line in the US.

And McDonald’s may be the home of the golden arches, but fast food employees aren’t feeling very rich. Workers from Detroit to St. Louis to New York are expected to walk off their jobs in protest of minimum wage.

Meanwhile, luxury retailer Saks is making news. It has been sold for $2.9 billion to Hudson’s Bay Company, parent company of Lord & Taylor.

Tags: CNBC, gas prices, Saks, Hampton pearson, business headlines, lord & taylor, money clip
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