Treasury Secretary Janet Yellen testified to the Senate on Tuesday that if the Supreme Court overturns the Wade decision, it would have very damaging effects on the economy.
The Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on May 10.
The Senate Banking Committee was told that access to abortion benefits the economy by allowing more women to be in the workforce and get an education.
Black women's participation in the labor force increased by 6.9 percentage points after abortion restrictions were lifted in 1973, according to a 2000 study.
abortion access helps keep more people out of poverty and in need of public assistance, and it improves children's well-being and earning potential by extension.
Some of the women who obtained abortions were more likely to experience household poverty, be unable to cover basic living expenses, and have a lower credit score, according to a decade-long study.
Women who were denied an abortion in the Turnaway Study experienced a 78% increase in debt as compared with pre-pregnancy and have 81% more public financial records like bankruptcies and evictions.
State-level abortion restrictions cost the U.S. economy a combined $105 billion per year, due to reduced labor force participation and earning levels, along with more time off and turnover at workplace.
If all abortion restrictions were lifted, Missouri's GDP would increase by 1%, while Texas's would decrease by 4%.
$1,610. If all state-level abortion restrictions were eliminated, 15 to 44-year-old women's earnings would be on average higher. Lifting restrictions would allow 505,000 additional women to join the workforce, earning a combined $3 billion per year, and women who are already employed would earn a combined $101.8 billion more annually.
Even Democratic-led states that have permissive laws on abortion are negatively impacted by restrictions on the procedure, even though those laws are mostly concentrated in other states. IWPR found that California and New York had economic losses due to abortion restrictions. California's GDP would only increase by 0.17% and only 0.49% more women would join the workforce, as compared with a 2.15% labor force increase.
Eliminating the right of women to make decisions about when and whether to have children would have very damaging effects on the economy.
Tim Scott hit back at the comments made by the Federal Reserve Chair.
According to a leaked draft opinion, a majority of justices favor striking down the 1973 ruling. The Washington Post reports that a majority of justices still supported reversing the Mississippi abortion ban, despite Chief Justice John Roberts saying it should not be taken as the court's final opinion. The Guttmacher Institute projects that the ruling could lead to 26 states banning abortion. Texas, Idaho, Oklahoma, and Florida have enacted their own 15-week abortion bans, though Idaho's policy is now blocked by the court.
IWPR is the costs of reproductive health restrictions.
A review of the evidence on the economic effects of abortion access.
Economic research can tell us about the effect of abortion access on women. TheBrookings Institute.
When women are denied abortions, what happens? Research shows economic distress. CBS News
Texas abortion restrictions push pregnant people into poverty.
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