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A person holding a pride flag in front of the Supreme Court building on June 15. Photo: Chip Somodevilla/Getty Images

This week's Supreme Court ruling that American companies cannot fire workers for their sexual orientation "is good news for the U.S. economy," Paul Donovan, chief economist at UBS Global Wealth Management, writes in a note to clients. In fact, he says, "The impact is potentially quite big."

The big picture: The decision provides employment security to an additional 5% of American workers and gives the U.S. an international comparative advantage.

  • "Around 60% of the countries in the world still allow your boss to fire you if they do not like who you date," Donovan says.
  • That could mean the U.S. attracts and retains a higher number of the international workforce than it would have previously.

Further, "If prejudice could cost someone their job, they needed cash as insurance. If that risk is reduced, LGBTQ+ investors can consider more diverse investment options. Taking money out of idle cash balances to invest should be positive for the economy."

Finally, the ruling should increase labor mobility as LGBTQ+ workers no longer have to fear moving to states (which were previously about half of the U.S.) where employers had legal permission to fire an employee for their sexual orientation.

  • This should increase productivity and employment, Donovan argues.
  • "Mobility will be important with the structural changes of the fourth industrial revolution."

Go deeper: Supreme Court rules that workers cannot be fired for being gay or transgender

Go deeper

Erica Pandey, author of @Work
Aug 18, 2020 - Economy & Business

Coronavirus brings a wave of early retirements

Photo illustration: Annelise Capossela/Axios. Photo by George Rinhart/Corbis via Getty Images.

The coronavirus is already triggering early retirements. That's bad news for the American economy, experts say.

Why it matters: "It’s a missed opportunity if people are being forced to retire early," London Business School's Scott says. "There's a big impact on their lifetime earnings and a big impact on lifetime expenditures. And that has macroeconomic consequences."

2 hours ago - Politics & Policy

Inhofe loudly sets Trump straight on defense bill

Sen. Jim Inhofe speaks with reporters in the Capitol last month. Photo: Samuel Corum/Getty Images

Senator Jim Inhofe told President Trump today he'll likely fail to get two big wishes in pending defense spending legislation, bellowing into his cellphone: "This is the only chance to get our bill passed," a source who overheard part of their conversation tells Axios.

Why it matters: Republicans are ready to test whether Trump's threats of vetoing the bill, which has passed every year for more than half a century, are empty.

Conspiracy theories blow back on Trump's White House

Sidney Powell. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

President Trump has rarely met a conspiracy theory he doesn't like, but he and other Republicans now worry the wild tales told by lawyers Sidney Powell and Lin Wood may cost them in Georgia's Senate special elections.

Why it matters: The two are telling Georgians not to vote for Republicans David Perdue and Kelly Loeffler because of a bizarre, baseless and potentially self-defeating theory: It's not worth voting because the Chinese Communist Party has rigged the voting machines.

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