Economists: Legalized gay marriage could help California's budget crisis
(San Francisco Chronicle)
Economists from San Francisco Controller's Office and a UCLA think tank say that overturning the California ban on gay marriage could generate millions in revenue and potentially put a dent in California's $20 billion budget deficit.
Testifying at California's Proposition 8 trial, economistLee Badgett estimated that the state could bring in $490 million in spending and $40 million in tax revenue over a three year period by overturning the controversial legislation.
Extrapolating from how much gay couples and guests spent on tourism when California legalized gay marriage in 2008, economist Ted Egan speculated that the city of San Francisco could also generate as much as $40 million a year.
Other economists, however, are not convinced. Critics argue that it's impossible to tell how many couples would marry if the ban were overturned, and according to a 2004 Congressional Budget Office report, legalizing gay marriage would only generate $700 million per year over 10 years.
Regardless, Egan and Badgett stuck to their guns. The revenue "might not solve the entire budget crisis," Badgett said, "but for given agencies or universities or school systems, the amount of money we're talking about is quite meaningful."
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