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China, debt, euro, Eurozone, Financial Crisis, gay marriage, Great Recession, Greece, Lehman Brothers, LGBT, marriage equality, Obergefell vs Hodges, political correctness, Puerto Rico, punditocracy, recovery, stock market bubble, Supreme Court, {What's Left of) Our Economy
For the last two days I’ve been commenting on social issues – kind of a departure from my usual focus on economics and foreign policy, but worth doing as I saw it because the Supreme Court’s marriage equality raised so many issues that are both intrinsically interesting to me, and that bear importantly on the nature of our American society and political community. Over the last twenty-four hours, though, have come reminders – in the form of the (seemingly) climaxing Greece crisis and the deflation of China’s stock market bubble – that if the country doesn’t get its economics and finances right, none of that’s going to matter much.
Not that you would have gotten any sense of that from the major TV and cable talk shows yesterday. I saw every one of them except for CNN’s version, and I don’t believe the words “Greece” or “China” were even uttered. The Court’s Obamacare ruling got a fair amount of air time – but not because it will crucially impact a huge and growing share of our economy. Instead, the focus was on the decision as one sign of what a terrific week the president enjoyed, and what a pickle this (supposedly) creates for Republicans.
As the Beltway-centric punditocracy saw it, the mega-story was marriage equality – which should make clear that its worldview is grossly distorted by its cloistered collective life inside a media (and connected academic-arts-entertainment) bubble in which gays are robustly represented. After all, though the Obergefell vs Hodges ruling was a major social and cultural landmark for Americans, and will dramatically affect LGBT citizens, the latter comprise less than four percent of the U.S. population according to the best estimates. So it’s time to curb at least some of the euphoria touched off by Obergefell outside the LGBT community.
As for the alarm bells that have been ringing: First, many Americans who aren’t straight won’t choose marriage in the first place, much less child rearing. What of worries that the decision will set off an explosion of other kinds of nontraditional marriages, and foster the kind of child abuse strongly linked with polygamy? That very danger will naturally create a firewall against such units adopting or having test-tube kids that simply can’t be justified for LGBT couples and the loving, responsible parenting so many have been providing (and that we’re not seeing from too many traditionally married couples).
Nor do I see any threat to freedom of religion or conscience. If you didn’t approve of non-traditional marriage before the Court ruled, you’re just as free to disapprove today, and to express this disapproval. Your place of worship is just as free to preach against it, as will religious and other private schools. Businesses that oppose it will continue to be free to refuse to provide goods or services that would require them to participate or be present at weddings or other ceremonies or events they abhor. But they will rightly be required to serve LGBT customers at their place of business – including public officials who issue marriage licenses. If your faith now prevents you from signing forms that authorize LGBT couples to wed, you’re in the wrong job.
I can sympathize with marriage equality critics who are uncomfortable with the idea that LGBT Americans will assume a higher profile in the nation’s daily life, and who resent being labeled (often wrongly) as homophobes and, more broadly, “haters.” But ironically, they’re also sounding like the lefty political correctness types who favor turning offended sensibilities into a major criterion for limiting speech and other forms of free expression – or actual behavior. That’s the road to pervasive censorship and social controls that are thoroughly and dangerously un-American. Like the PC crowd, marriage equality critics are simply going to have to toughen their skins. In particular, if you want to air your views in public, rough pushback is often the price you pay. P.S. If you have real faith in your convictions, it shouldn’t be such a big deal.
Meanwhile, the future of the world’s biggest currency area – the Eurozone – is completely up in the air over the Greece crisis, and most of the world’s major private sector financial institutions (including America’s) are exposed directly or indirectly. Moreover, in the world’s second largest national economy, one of the most mammoth stock market bubbles in recent history is deflating – and the emerging Chinese stock bust could burst other immense bubbles Beijing’s economic policies have helped inflate.
Not that I’m predicting imminent apocalypse, or even a new Lehman Brothers moment, from either development (or even combined with the distinct possibility of a debt default by Puerto Rico). But when I think of how further national and global financial instability could affect an already under-performing, heavily indebted U.S. economy, and compare that with the fallout from the marriage equality decision, it seems clear that everyone should start leaving Obergefell in the rear-view mirror.
