City Doles Out $2,000,000 to Local Residents following Approval of New Basic Income Scheme
In a significant stride towards financial empowerment, the City of Los Angeles has approved a multi-million dollar guaranteed income program aimed at survivors of domestic violence and foster youth. The initiative, named STAY SAFE (Supporting Transitional-Aged Youth and Survivors in Achieving Financial Empowerment), was unanimously approved by the LA City Council, allocating $2 million for this pilot initiative [1][3][5].
The program, led by LA council members Hugo Soto-Martinez and Curren Price, is set to provide monthly payments of $1,000 for two years to approximately 83 eligible participants. The program builds on the success of a previous guaranteed income pilot, BIG:LEAP (Basic Income Guaranteed: Los Angeles Economic Assistance Pilot), which ran from January 2022 to March 2023, providing $1,000 monthly to 3,200 households living below the poverty line for one year [1][3][5].
The new program aims to support survivors of intimate partner violence, the group that saw the most dramatic improvements in the previous pilot program [1]. In addition to the direct cash payments, recipients will also receive job training through the Hospitality Training Academy, which boasts a near 100% success rate in placing graduates into high-quality, good-paying union jobs [1].
This combined approach aims to empower participants financially and professionally, moving beyond temporary relief to longer-term stability and economic empowerment [1]. The program is expected to assist 83 participants, with current or former foster youth between the ages of 16 and 24 eligible to participate [1].
Meanwhile, in the world of finance, there are notable developments. Goldman Sachs Executive predicts a further decline in the US Dollar, while remaining bullish on stocks [2]. In the crypto sphere, Bitcoin addresses with over 2,160,000,000% gains have moved $11,833,215 in BTC [4]. Chainlink continues to top the DeFi sector in development, according to Santiment [6].
Regulators are also taking notice, with the SEC Chair Paul Atkins anticipating clear digital asset regulations [7]. A major pro-crypto initiative is also being initiated by the regulator [8].
As we navigate the future of finance, including macro, Bitcoin, Ethereum, crypto, and web 3, it's clear that programs like STAY SAFE in Los Angeles are making a difference in the lives of vulnerable groups, providing them with the financial independence and improved quality of life they deserve [1].
Sources: [1] ABC7 [2] The Daily Hodl [3] Financeflux [4] Blockchain [5] Futuremash [6] HodlX [7] Press Releases [8] Regulators
In the realm of finance, as programs like STAY SAFE in Los Angeles provide financial independence to vulnerable groups, the digital asset sector also evolves. Bitcoin addresses with astronomical gains have been active, moving significant amounts of BTC. Chainlink continues to lead in the DeFi sector, and regulators anticipate clear digital asset regulations. Goldman Sachs Executive, meanwhile, predicts a decline in the US Dollar while remaining optimistic about stocks. This convergence of traditional finance, cryptocurrency, and personal-finance underscores the importance of business strategies that prioritize financial empowerment.
