News
New City Plan Could Result in L.A. Park Agency Losing 341 Vacant Jobs
The Los Angeles Department of Recreation and Parks may be facing a major setback, as a new city plan proposes to eliminate 341 vacant positions within the agency. This decision is part of a larger strategy to address a looming budget shortfall in the city, with a total of 1,974 vacant positions slated for elimination.
City Administrative Officer Matt Szabo, the city’s top budget official, recently released his recommended list of positions to be cut, and it includes a significant portion from the Department of Recreation and Parks. This agency is responsible for maintaining iconic spaces such as Griffith Park and Elysian Park, as well as numerous other open areas throughout the city.
In addition to the positions at the parks agency, the plan also calls for the elimination of 280 positions at the Bureau of Sanitation and 105 positions at the Department of Transportation, among others. The proposed cuts are expected to save more than $155 million in the upcoming fiscal year, as these positions have been vacant for some time and would have a limited impact on services already.
While these cuts are seen as necessary to address the budget shortfall, there are concerns about the potential impact on essential city services. Mayor Karen Bass has reassured residents that critical positions such as police officers, firefighters, and trash truck drivers will be exempt from the cuts. However, the proposal does include the elimination of 91 positions at the Los Angeles Police Department, including 9-1-1 dispatchers and crime scene lab technicians.
Advocacy groups like Streets for All have expressed worries about the impact of these cuts, particularly on street and sidewalk repairs. Michael Schneider, the group’s founder, emphasized the financial costs of unsafe streets and raised concerns about potential delays in addressing these issues.
City officials have defended the need for these reductions, citing the need for fiscal responsibility in light of recent budget overruns and lower-than-expected tax revenues. The proposal also comes at a time when the city is grappling with a labor shortage, further complicating the situation.
As the city moves forward with these proposed cuts, there will undoubtedly be ongoing discussions and debates about the best way to address the budget shortfall while maintaining essential services for residents. The final decision will rest with Mayor Bass and the city council, who will need to weigh the financial considerations against the potential impact on city operations.
With a potentially challenging road ahead, it remains to be seen how the city will navigate this budgetary issue while ensuring the well-being of its residents and the upkeep of its public spaces. Both city officials and community members will need to work together to find a balanced solution that prioritizes the needs of all stakeholders involved.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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