Earlier this month, President Biden signed the Respect for Marriage Act into law. The policy provides statutory authority for same-sex and interracial marriage, something that LGBTQ+ activists had mounted a reinvigorated push for in the wake of this summer’s Supreme Court decision on the Dobbs case. In his concurring opinion Justice Thomas wrote that in future cases, the Court should reconsider additional precedents like Griswold (protecting access to contraceptives), Lawrence (nullifying sodomy laws), and Obergefell (same sex marriage). The new Respect for Marriage Act seeks to provide protection for same sex marriage beyond the Obergefell precedent.
With some exceptions, marriage confers economic upsides for couples: from greater Social Security benefits, to tax breaks on estates and gifts, inheriting IRAs, and in some cases greater employee benefits. President Biden commented: “The road to this moment has been long, but those who believe in equality and justice – you never gave up."
While it could be tempting to see the new Respect for Marriage Law as a time for celebration and a feeling of relief, marriage is only a small piece of the puzzle when it comes to protection and access for members of the LGBTQ+ community. A new report by the Congressional LGBTQ+ Equality Caucus shows that the road to equality and justice is longer than most might realize.
The “Inaugural Report on The Condition of LGBTQ+ People in the United States'' shines a light on educational attainment, economic security, health care, and housing for LGBTQ+ people. The data that the Caucus gathered paints “a disturbing picture,” according to Caucus Chair, Representative David N. Cicilline (D-RI).
The report in and of itself reflects progress and a new spotlight at the Congressional level on the challenges and potential inherent to the LGBTQ+ community in the United States. Covering a lot of ground, the report spans areas of education, economic security, healthcare, and housing. The Caucus found that the percentage of LGBT people experiencing food insufficiency is more than twice as high as in the general population. The report’s evidence shows that economic insecurity is even worse for people of color, with 37 percent of Black LGBT adults experiencing food insecurity as compared to 22 percent of their white counterparts.
Beyond the Caucus’ report, we see additional evidence of economic security differentials for members of the LGBTQ+ community. Transgender people face worse levels of economic insecurity than cisgender people. In 2021, nearly 30 percent of “transgender adults were living at or below the Federal Poverty Level,” according to a 2022 study by the Williams Institute, a think tank at UCLA. This aligns with the largest survey of transgender people–the 2015 U.S. Transgender Survey–that found “high rates of economic insecurity among the transgender population.”
The Respect for Marriage Act stands as a symbol of improving attitudes toward LGBTQ+ people and provides meaningful protection for a slice of the LGBTQ+ community. In order to reap the benefits of this new act, one would need to be in a couple, planning to combine finances, and even possibly have children. That symbol and that piece of progress is important, but clearly not the end game by any means. The reality is that the economic and societal conditions of the LGBTQ+ community continue to be riddled with barriers, exclusions, and social and economic pitfalls and vulnerabilities. These exigent challenges call for focused attention on the part of lawmakers alongside corporate, cultural, and community leaders.
This month we’ve seen both houses of Congress and the White House act with determination to address the barriers faced by members of the LGBTQ+ community. This increased attention has resulted in two steps forward - one for marriage equality and one in shining a light on the challenges faced across the LGBTQ+ community. For those who are too often operating outside the center of opportunity and stability, these advances are welcomed and demonstrate the potential for further action and progress.
Megan Kashner is Co-founder of Colorful Capital and a professor and Director of Social Impact at Northwestern University's Kellogg School of Management. William Burckart is Co-founder of Colorful Capital and CEO of The Investment Integration Project, an applied research and consulting services firm that helps investors manage systemic societal and environmental risks.
This article was written with the contributions of Sage Kashner.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.