Treasury Secretary Suggests Reversal of Roe v. Wade Would be Bad for the Economy

The treasury secretary on Tuesday used the occasion of an annual appearance before Congress to testify about financial stability to make the case that overturning Roe v. Wade and further restricting women’s right to abortion would be bad for the American economy.Speaking before the Senate banking committee, Secretary Yellen — the nation’s first female treasury secretary — said studies have shown that the right to an abortion has increased womens’ participation in the labor force and increased their earnings potential.“Eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy and would set women back decades,” Ms. Yellen told the committee.Ms. Yellen said studies show that “denying women access to abortion increases their odds of living in poverty or need for public assistance.”The statement came in response to a question from Senator Menedez, a New Jersey Democrat who touted a study claiming that existing state-level restrictions on abortion have already cost the U.S. economy as much as $105 billion because of job turnover, decreased earnings, and additional time off for women.“The ability to have full control over one’s reproductive health has real world economic consequences,” Mr. Menendez said.Ms. Yellen made the comments during a regularly scheduled appearance on Capitol Hill to offer an update on the department’s Financial Stability Oversight Council.Abortion has been Topic A on Capitol Hill since an early draft of a majority opinion leaked last week suggesting that the Supreme Court is preparing to overturn the 1973 decision that guaranteed a woman’s right to an abortion on constitutional grounds. Senator Scott, a South Carolina Republican, was one of two Republican senators on the committee who pushed back on the secretary’s comments, suggesting that to frame the debate over abortion in such stark economic terms seemed “callous.”“To make it sound like it’s just another 0.4 percent added to our labor force participation to me seems harsh,” Mr. Scott said.Ms. Yellen reiterated that studies conducted since abortion was legalized have shown that unexpected pregnancies can deprive women of their ability to continue their education and later participate in the labor force.“This is not harsh,” she said. “This is the truth.”

Treasury Secretary Suggests Reversal of Roe v. Wade Would be Bad for the Economy

Treasury Secretary Suggests Reversal of Roe v. Wade Would be Bad for the Economy

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