Yellen says ending abortion will ‘damage’ US economy and women

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© Reuters. FILE PHOTO: Students and others protest abortion rights in Union Square after a leak of a draft majority opinion written by Judge Samuel Alito poised for a court majority to overturn landmark Roe v. Wade abortion rights decide lat

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David Lauder

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Tuesday that eliminating women’s access to abortion would have a “very detrimental impact” on the U.S. economy, leaving some women unable to complete their education and reducing their lifetime earning potential and workforce participation Rate.

Yellen’s comments at the Senate Banking Committee hearing came a week after the leak of a draft Supreme Court ruling that would overturn Roe v. Wade, the landmark 1973 ruling that established the constitutional right to abortion . The pending decision has raised concerns that more states will enact far-reaching abortion restrictions.

The question dominated hearings on the annual report of the Treasury Department’s Financial Stability Oversight Committee.

In response to a senator’s question, Yellen, the first female Treasury secretary, said that research shows Roe v. Wade has a favorable impact on children’s well-being and that denying women abortions increases their lives in poverty or poverty probability. About public assistance.

“I think removing women’s right to decide when and whether to have children would have a very detrimental effect on the economy and set women back decades,” Yellen said.

Yellen’s remarks drew condemnation from South Carolina Republican Sen. Tim Scott, who said her characterization of the economic consequences of the abortion debate was “draconian” and inappropriate for such a painful social issue.

“I think people can be divided on pro-life or pro-abortion. But at the end of the day, I think it’s just callous to me to put it in the context of workforce participation,” Scott said, adding He was raised by a poor black single mother.

Yellen responded that reproductive rights allow women to plan for “full and fulfilling” lives, which include having the financial resources to raise children.

“In many cases, abortions occur to teenage women, especially low-income women, often black, who are unable to take care of their children, have unwanted pregnancies, and deprive them of the ability to often continue their education and work later,” Yar said. Lun said.

“So there’s a spillover effect from labor force participation, but it means kids grow up in poverty and get worse for themselves,” Yellen said. “It’s not harsh. It’s the truth,” she added.

Democratic colleagues defended Yellen, including Nevada Sen. Kathryn Cortez Masto, who admonished Scott not to “impose your experience and circumstances on others before you take their place. “.

Sen. Tina Smith, Democrat of Minnesota, and another member of the banking group told CNN that Yellen expressed fundamental truths about women’s autonomy.

“She expressed what I believe almost every woman knows: If you can’t control your reproductive life, then you can’t control any aspect of your life, including your economic opportunities,” Smith said.

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