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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."

Mike Allen, author of AM
28 mins ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

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