CNBC Touts Gay Marriage as California's Economic Savior
Even financial journalists have found a way to promote a liberal social agenda, as CNBCâs âSquawk on the Streetâ showed in a June 16 segment praising the California Supreme Court for legalizing same-sex marriage.
âThis time around, one study expects over 100,000 gay couples will tie the knot, providing a boost to Californiaâs ailing economy hit hard by the real estate foreclosure meltdown,â CNBC Silicon Valley Bureau Chief Jim Goldman said.
Goldman cited data from the pro-gay Williams Institute, a division of the University of California Los Angeles School of Law. According to its Web site, the Williams Institute âadvances sexual orientation law and public policy through rigorous, independent research and scholarship, and disseminates it to judges, legislators, policymakers, media and the public.â
âOverall, theyâll have about a $684-million boost to the economy over the next three years,â Williams Institute Research Director Lee Badgett told CNBC.
Californiaâs gross domestic product was $1.55 trillion in 2007. The potential âboostâ â an average of $228 million annually â would add a little over 1/100th of 1 percent (0.0147 percent) to the California economy. Thatâs not exactly the economic salvation the Williams Institute has been touting and which has been reported by U.S. News & World Report, USA Today, the Associated Press and others. The New York Times even called it a âpotential windfallâ on June 14.
âNew partnerships, new revenue â as California prepares to say âI doâ to a flood of same-sex weddings,â Goldman added.
Still, Goldman warned the state could miss out on this economic impact if Californians decide to amend the state constitution on November 4 to reverse the courtâs decision and limit marriage to a union between one man and one woman.
âAnd indeed, the celebrations and ceremonies will begin later today, but all of this could come to a screeching halt come November when a ballot measure seeks to reverse all this,â Goldman warned. âBut, in between now and then â weâre talking big-time bucks â lots of money for a lot of vendors looking for a host of new ways, well, to generate some cash.â