The recession is taking its toll on working families. Millions are living in asset poverty, meaning they don’t have enough savings to survive for three months if they were to lose their job, or suffer a medical emergency. Wealth inequality is at historic highs, jobs are less secure, and family incomes are increasingly volatile. Amidst all of these challenges, there is positive news from the legislative front that will empower California’s families.

LOS ANGELES – Recognizing the need to assist Los Angeles residents struggling with medical debt, healthcare practitioners today joined financial services providers and community groups to discuss how best to implement the Affordable Care Act in Los Angeles and strategies for keeping Angelenos out of debt. Speakers also highlighted options for those plagued by medical debt.

Over two million Californians have medical debt. These residents find it difficult to access needed health care or affordable credit. Medical debt and its consequences illustrate the detrimental effect of inadequate health insurance coverage. The financial stress resulting from unaffordable healthcare costs makes it harder for Californians to pay other bills. For Californians with medical debt, their physical, mental and financial health are at risk, as is their long term financial security.

LOS ANGELES - The Select Committee on Financial Empowerment convened yesterday in Bell Gardens to discuss strategies to help working families thrive during tough economic times. This is the first time at the state level, that a legislative committee has focused on exploring the broad public policy and legislative opportunities to expand savings, and asset ownership in California.