Why Prop 8 Was A Bad Idea: Wrong Thing to do and Economically, it sucks
California – passing Prop H-8 is going to cost you. And, as a reminder: all money is green.
“Angered by California’s Nov. 4 vote to end legal same-sex marriage, Fischer and Schmidt of Phoenix, Arizona, [changed their wedding plans and] married 16 days later at a United Church of Christ in Hartford, Connecticut. Afterward, they held a reception with friends at a local restaurant and spent a week at a hotel."
"California’s loss will be Connecticut’s and Massachusetts’ gain economically," said M.V. Lee Badgett, an economist at the University of Massachusetts’ Institute for Gay and Lesbian Strategic Studies…"We take all the hundreds of millions that would have been spent in California, if those folks decide to get married and go to Massachusetts and Connecticut instead, those states will get even more than we had originally estimated*," she said..”
*Badgett released a study in July(before the vote) estimating that over the next three years about 32,200 same-sex couples would travel from other states to marry in Massachusetts, which became the first U.S. state to legalize gay marriage in 2004, translating into 330 jobs and $111 million for Massachusetts. Connecticut legalized same sex marriages in November….The U.S. Census estimates Connecticut had 7,386 same-sex couples in 2000. About half of those, or 3,693, will marry in the first three years, predicts a study by the Williams Institute on Sexual Orientation Law and Public Policy at the University of California, Los Angeles.”
“The power of the so-called pink-dollar is well documented. The nation’s estimated 15.7 million gay men and lesbians, about 5 percent of the population, are responsible for $724 billion in annual spending, according to Witeck-Combs and Packaged Facts, a division of Marketresearch.com."
How big a shot in the arm was gay marriage going to be for California?
“Wedding planners, bakers and hotels [in California] began booking more business almost immediately after the state Supreme Court’s May 15 decision overturning a ban on gay marriage. Citing pent-up demand, one UCLA study projects that same-sex unions could provide a $370-million shot in the arm to the state economy over the next three years….PlanetOut, a media and entertainment company that conducts surveys about gay and lesbian consumers, says gay consumers earn 20% more than their straight counterparts, on average, and spend about 10% more on nuptials.”