With President-Elect Barack Obama announcing his economic team today after news broke early this morning that the U.S. government pumped an additional $20 billion into banking giant Citigroup over the weekend, a report by the Williams Institute at UCLA Law School says that Connecticut’s same-sex marriage laws will pump up to $13 million into the state’s economy.
Meanwhile, if the California Supreme Court decides in March that it will not honor the 18,000 same-sex marriages performed this year, the state will be forced to return the marriage license fees– a cost of about $2.9 million. Previously, the Williams Institute found that California’s same-sex marriage law would boost the state’s economy by $63.8 million, a revenue stream that has now dried up with the passage of Prop. 8.
The gay and lesbian market is on track to spend $712 billion this year according to marketing communications and public relations firm Witeck-Combs Communications.