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February 25, 2021
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Business Top Stories USA

Marriage equality to bump up U.S economy

WASHINGTON: U.S Supreme Court’s ruling legalizing gay marriage in all 50 states of the United States and district of Columbia is not only going to provide marriage equality to the gay and lesbian couples across United States it would also be bumping up the economy.

Wedding planning and marriage is a $51 billion industry in United States and marriage equality would now provide an additional $2.6 billion mostly coming from California, New York, Massachusetts, Pennsylvania, Illinois and Washington according to the UCLA School of Law.

This ruling would also affect employee benefit plans throughout United States where employers would have to adjust their conditions according to the new ruling whereas workers would now be able to enjoy same benefits as opposite sex marriage workers.

A couple spends an estimated $26,000 on a marriage and according to expert Lee Badgett “Suddenly we have 150,000 same-sex couples [in the 13 states] that can get married. That has the potential for quite a big boost,”.  Badgett, is a Williams distinguished scholar at the Williams Institute and director of the Center for Public Policy and Administration at the University of Massachusetts Amherst.

According to the Williams Institute states will perhaps also see $47.7 million in tax revenue as well, along with anywhere from 2,069-6,210 jobs created as a result of same-sex marriages.