GUEST WORDS-- Since joining the LA County Board of Supervisors 18 months ago, I, along with my colleagues on the Board, have taken a series of steps to build prosperity and economic security for residents by raising the minimum wage and establishing programs to promote social enterprises, help small businesses thrive and prevent people from falling into homelessness when they encounter short-term financial crises, like the loss of a job or a catastrophic medical condition.
Last week, the Board took another significant action to try to stabilize and empower low-income households in the county. Fifteen percent of our residents live below the official poverty line, but more than three times that number (49%) lack sufficient savings to live above the poverty level for three months if they lose a job or suffer a financial emergency. These residents don’t hold sufficient household wealth to weather even a brief financial storm.
Those dramatic numbers led to the Board voting to establish a Center for Financial Empowerment which will help thousands of families reduce their debt and save money.
The Center for Financial Empowerment will coordinate and promote the many existing financial services already available for low-income residents such as financial literacy, free tax preparation, accessing appropriate benefits and helping consumers manage their debt. Similar Centers have been established in Boston, Chicago, New York, Oakland, San Francisco, and Seattle.
For Shiela Kuehl's entire article, please click here.
(Sheila Kuehl is LA County Supervisor for the 3rd District. The Supervisor is an occasional contributor to CityWatch.) Prepped for CityWatch by Linda Abrams.
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