Treasury's Janet Yellen: Reducing Abortions Would Have 'Very Damaging Effects On The Economy'

Yellen: Reducing abortions "would have very damaging effects on the economy and would set women back decades" pic.twitter.com/OLfzZvbM2T

— Tom Elliott (@tomselliott) May 10, 2022

BOB MENENDEZ: Thank you, Mr. Chairman, Madam Secretary, welcome. I want to talk to you about some things that also can affect our economy, the ability to have full control over one's reproductive health has real-world economic consequences. According to the Institute for Women's Policy Research, current state-level abortion restrictions already cost the United States about $105 billion annually due to reduced earning levels, increased job turnover, and time off for women. So Secretary Yellen, if the draft of the court's majority holding in Roe vs. Wade is the actual decision, what impact will the loss of abortion access mean economically for women?

JANET YELLEN: Well, I believe that 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. Roe v. Wade and access to reproductive health care, including abortion, helped lead to increased labor force participation. It enabled many women to finish school. That increased their earning potential. It allowed women to plan and balance their families and careers.