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Opinion | Could MAGA Republicans Hinder Baltimore’s Reconstruction Efforts?
In the aftermath of a devastating disaster that saw Baltimore’s Francis Scott Key Bridge collapse after being struck by a massive container ship, President Biden swiftly pledged that the federal government would cover the entire cost of reconstructing the bridge. This commitment is not just crucial for the state of Maryland, but also imperative in mitigating the economic fallout from a catastrophe that has impeded a major road artery and a bustling port. The Port of Baltimore serves as a pivotal hub for both coal exports and the trade of farm and construction equipment, making the bridge collapse a dire issue with far-reaching consequences extending to the heartland and the East Coast.
If the United States still mirrored the era of the Federal-Aid Highway Act of 1956, which birthed our Interstate System through bipartisan unity in Congress under a Republican administration, securing funding for the bridge’s reconstruction would be a fait accompli upon the legislature’s return from the Easter recess.
However, the current political landscape greatly complicates the scenario. While President Biden is expected to navigate the terrain and secure the necessary funds for rebuilding, the path is fraught with uncertainties due to the rise of MAGA Republicans and their influence within the GOP.
The response to the 2007 collapse of the Interstate 35W bridge in Minnesota, with Congress swiftly approving $250 million in aid, stands in stark contrast to the subsequent stagnation in addressing the broader infrastructure crisis in America. Despite some progress with the Bipartisan Infrastructure Law of 2021, which garnered minimal Republican support, the lingering aura of partisanship and obstructionism casts a shadow of doubt over the likelihood of expedited aid for Maryland.
The reluctance to invest in infrastructure renewal over the years, marked by instances of political gridlock and underwhelming policy proposals, has further exacerbated the challenges in securing funding for vital projects like the Key Bridge reconstruction. The legacy of failed promises and missed opportunities, illustrated by past administrations’ struggles to prioritize infrastructure revitalization, underscores the uphill battle faced in rebuilding Baltimore’s essential infrastructure.
Moreover, the specter of divisive politics looms large over the reconstruction efforts. The overt attempts by some MAGA politicians and media figures to politicize the bridge collapse, blaming unrelated policies and engaging in conspiratorial rhetoric, add another layer of complexity to the already contentious debate surrounding federal aid for Baltimore.
The disturbing trend of weaponizing tragedy for partisan gains, reminiscent of past instances where aid was withheld for political reasons, raises valid concerns about the prospects of a swift and unencumbered path to rebuilding the Key Bridge. The vitriol and misinformation propagated by certain factions within the political spectrum only serve to further muddle the discourse and impede genuine progress.
As the nation grapples with the looming decision on funding for Baltimore’s reconstruction, the underlying question remains: will partisanship, conspiracy theories, and political maneuvering eclipse the urgent need to restore a critical piece of infrastructure for the well-being and prosperity of the region? The answer remains uncertain, underscoring the fragility of our political climate and the challenges that lie ahead in securing a brighter future for Baltimore and the nation as a whole.
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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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