The economic impact of marriage equality 8 years after Obergefell v. Hodges
Considering the events of recent years, it has become apparent that love may be the key to holding everything together.
Many have watched the stock market quake, brought on by a flurry of uncertainty. But one event has proven to be a source of shoring up in a shaky economy, and that was the ruling in Obergefell v. Hodges that guaranteed all same-sex couples the right to marry.
With the stroke of a pen, the Supreme Court not only vastly improved the lives of gay couples but positively impacted the state of the union by recognizing gay marriage. When equality is extended to everyone, the benefits affect an entire nation. The economic benefits of gay marriage begin in a community and have the potential to spread worldwide.
It is always constructive to reflect on the benefits to society when it supports the equality of everyone. The economic benefits of gay marriage are worth revisiting to understand that love and recognizing every love is good for us all.
The personal economic benefits of gay marriage
The economic benefits of gay marriage are of personal benefit to each individual in a same-sex union.
Financial well-being
Financial security is a vital component and economic benefit of marriage equality. As a couple, two individuals are often more financially capable of creating a savings plan not only for retirement but for unexpected emergencies.
The ability to meet the daily income needs of a household and still plan for the future benefits the national economy. The ability to prepare for major life events reduces the need for social services, again diminishing dependence on government subsidies.
Physical well-being
Often, a person’s physical well-being is dependent on health insurance coverage. With the coverage afforded by work or a spouse’s health insurance, preventive care is addressed.
Preventive care
The advantages of preventive care are enormous. A significant impact of marriage equality is the ability of same-sex spouses to access their partner’s insurance. Why is this so important?
- Preventive care saves millions with the early prevention and diagnosis of disease
- Insurance coverage decreases the number of emergency room visits
- Insurance coverage reduces the need for government spending on healthcare programs such as Medicaid, food assistance, and housing programs
- Reducing the need for government healthcare programs boosts spending on critical needs areas such as education and infrastructure
Mental well-being
Marriage is a benefit to mental well-being. Mental health in the United States in recent years has suffered tremendously due to loneliness. Recognizing gay marriage as legally equal to heterosexual unions is a positive step in supporting mental health.
The far-reaching benefits of marriage equality
Marriage equality not only produces personal benefits, but it also creates economic benefits that resound through a community, extending to cities, states, and nations.
State and local benefits
A study by The Williams Institute on the economic impact of marriage equality after Obergefell v. Hodges produces convincing data suggesting local and state economies benefited tremendously just from the ceremonies of same-sex couples.
The study produced the following data after examining the effects of an estimated 293,000 same-sex weddings on the economy over five years after the Obergefell v. Hodges ruling was decided. Weddings are big business.
- States permitting same-sex marriage saw an estimated boost to local and state economies of $3.8 billion
- These ceremonies created an estimated $244.1 million in sales tax revenues locally and statewide
- Forty-five thousand annual jobs were supported as a result of this spending
States also see economic benefits of marriage equality when businesses are allowed to provide for the needs of gay couples, attracting the talent and creativity of a diverse population.
Nothing is more appealing to a potential employee than an employer that can offer the same coverage to a same-sex couple that is part of a package offered to heterosexual couples. This ability to offer equal opportunities to all employees demonstrates the employer’s commitment to the employee’s professional talent and personal well-being.
National benefits
The federal government profits from increased tax revenue when gay couples are allowed to marry legally. Married couples generally pay more in taxes than single individuals. More tax revenue boosts national stability.
An additional national benefit is the possibility of a more equal labor force across the country. Same-sex marriage partners are less likely to transfer to a job in a state that does not legally recognize their union.
In this scenario, gay couples often choose to remain in states that legally observe their marriage. The Defense of Marriage Act creates human resource burdens for businesses looking to attract a talented, diverse job force.
An equitable outcome for your future
Unfortunately, same-sex marriages are not immune to the pressures in life that often lead to the dissolution of a relationship. When this happens, it can be challenging to envision a positive outcome for the future. But the decisions made in those stressful moments can have far-reaching effects on your economic security.
If you need help moving in a positive direction, call (360) 866-7393 to speak with a skilled Washington State divorce attorney from Divorce Lawyers for Men. We can help you secure representation and create a plan for an equitable outcome in divorce. Marriage is a contractual union that benefits from legal guidance in dissolution. You do not have to make these difficult decisions alone.
