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Tuesday, May 24, 2022

Treasury Secretary Janet Yellen: Abortion ban will hurt US economy

WASHINGTON — New restrictions on abortion access will burden the economy, Treasury Secretary Janet Yellen warned Tuesday.

Yellen testified before the Senate Banking Committee, “Abolishing women’s right to make decisions about when and whether to have children would have a very damaging impact on the economy and set women decades behind.”

A leaked draft Supreme Court opinion revealed last week that Justice Roe v. Wade, the landmark 1973 precedent that legalized abortion nationwide. The court confirmed the authenticity of the opinion but said it was not final.

Yellen’s testimony offered a reminder that reversing the row would have massive consequences for people’s lives — and, by extension, the American economy.

“Roe vs. Wade” And access to reproductive health care, including abortion, helped increase labor force participation and enabled many women to finish school. This increased their earning potential,” Yellen said in response to a question from Sen. Robert Menendez (DNJ). “It allowed women to plan and balance their families and careers. And research also shows that it has a favorable effect on children’s well-being and earnings.”

“One aspect of a satisfying life is being able to feel that you have the financial resources to raise a child, that the children you bring into the world are desired, and that you have the ability to care for them.”

– Treasury Secretary Janet Yellen

If the court eventually drops its precedents on abortion, it could upset the midterm elections that Republicans have been heavily favored to win.

If finalized, the court’s opinion would not ban abortion, but would instead allow states to do so. Twenty-six Republican-led states are certain or likely to have an abortion if the court overturns Roe, according to the Guttmacher Institute, including 13 states that have “trigger” laws to take effect as soon as the court allows. is designed for. Abortion will remain legal in other states.

“There are a number of research studies that have been done over the years looking at the economic impacts of access to abortion, or lack thereof,” Yellen said. “This makes clear that denying women access to abortion increases their chances of living in poverty or in need of public assistance.”

For example, a 2021 study by the Institute for Women’s Policy Research found that abortion restrictions cut $105 billion a year from the economy “by reducing women’s labor force participation and earnings, and increasing business and women aged 15 to 44.” break from work among older women.” Overall GDP is more than $24 trillion.

Sen. Tim Scott (RS.C.) said he found Yellen’s comments disturbing.

Scott said, “I think people can disagree on the issue of being pro-life or pro-abortion, but in the end, I think framing it in the context of labor force participation — it just sounds rude to me.” is,” Scott said.

Yellen replied that he didn’t mean to sound harsh, but that the reduction in labor force participation has the effect of not allowing women to control their bodies.

“What we are talking about is whether women will have the ability to control their reproductive status in ways that enable them to plan a life that is fulfilling and satisfying for them,” she said. “And one aspect of a satisfying life is being able to feel that you have the financial resources to raise the child, the children you bring into the world are desired, and that you have the ability to care for them.”

World Nation News Deskhttps://www.worldnationnews.com
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