Treasury Sec. Janet Yellen: Overturning Roe will be ‘very damaging’ to the economy

by Susan Ryant

In about six or seven weeks, the Supreme Court decision overturning Roe v. Wade will be made public, and all hell will formally break loose. It will be open season on women’s rights within hours, especially in states with complete Republican control. We’re looking at more than twenty states passing not only total abortion bans, but bans on Plan B, bans on birth control and bans on IVF. They will absolutely criminalize miscarriages and thousands of women will be immediately affected, not to mention the tens of millions of women who will be affected in the months and years to come. Keep in mind that the SCOTUS decision – if the Alito draft is correct – cites a witch-burning misogynist (Matthew Hale) and it also makes reference to the “domestic supply of infants.” But apparently Republicans think it’s “callous” for Treasury Secretary Janet Yellen to make a qualified, expert statement about how the subjugation of American women will negatively affect the American economy.

Treasury Secretary Janet Yellen on Tuesday argued that banning abortion would be “very damaging” for the economy by reducing women’s ability to balance their careers and their families.

“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,” she said in response to a question at a Senate Banking Committee hearing.

In her comments, Yellen said the 1973 Roe ruling helped allow women to finish school and increase their earning potential, leading to higher participation in the workforce.

“Research also shows that it had a favorable impact on the well-being and earnings of children,” she said. “There are many research studies that have been done over the years looking at the economic impacts of access or lack thereof to abortion, and it makes clear that denying women access to abortion increases their odds of living in poverty or need for public assistance.”

Sen. Tim Scott (R-S.C.) later in the hearing pressed her on her answer, arguing that framing the issue of abortion around labor force participation “feels callous to me.”

“It means that children will grow up in poverty and do worse themselves,” Yellen responded. “This is not harsh. This is the truth.”

Scott said there was plenty of room to discuss child care, financial literacy and child tax credits to improve outcomes for American kids.

[From Politico]

“Scott said there was plenty of room to discuss child care, financial literacy and child tax credits…” Oh, so women should be happy about the state forcing them to carry pregnancies because there’s room to talk about child tax credits? Yellen’s comments were entirely factual and sensible – Roe and Griswold are a huge part of why women could complete their educations and join the work force. Abortion, birth control and the right to plan their families in their own time. I don’t think Republican men truly understand what kind of hell is about to break loose.

Treasury Secretary Janet Yellen says overturning Roe v. Wade “would have very damaging effects on the economy and would set women back decades.” pic.twitter.com/v32Dby29sX

— The Recount (@therecount) May 10, 2022

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-Washington, District of Columbia – 20210507-White House Press Secretary Jen Psaki Holds Daily Briefing With Secretary of the Treasury Janet Yellen United States Secretary of the Treasury Janet Yellen listens to Press Secretary Jen Psaki speak to reporters at White House in Washington, DC on Friday, May 7, 2021. Press Secretary Jen Psaki spoke on the April Jobs report released today and Secretary of the Treasury Janet Yellen joined the daily briefing today. -PICTURED: Secretary of the Treasury Janet Yellen -PHOTO by: Tasos Katopodis/POOL/CNP/startraksphoto.com -050721_WH-Briefing-Pool_011 This is an editorial, rights-managed image. Please contact Startraks Photo for licensing fee and rights information at sales@startraksphoto.com or call +1 212 414 9464 This image may not be published in any way that is, or might be deemed to be, defamatory, libelous, pornographic, or obscene. Please consult our sales department for any clarification needed prior to publication and use. Startraks Photo reserves the right to pursue unauthorized users of this material. If you are in violation of our intellectual property rights or copyright you may be liable for damages, loss of income, any profits you derive from the unauthorized use of this material and, where appropriate, the cost of collection and/or any statutory damages awarded -Washington, DC – 20211006 – United States President Joe Biden speaks during a meeting in the Eisenhower Executive Office Building in Washington, D.C., U.S., on Wednesday, Oct. 6, 2021. BidenÊis meeting with financial and corporate leaders to highlight the potential damage to the U.S. economy from a debt default as lawmakers continue brinkmanship over the debt limit. Pictured in person, from left to right: Greg Hayes, CEO, Raytheon Technologies; President Biden; US Secretary of the Treasury Janet Yellen; Cedric Richmond, Senior Advisor to the President and director of the White House Office of Public Engagement; Jane Fraser, CEO, Citi; and Charlie Oppler, President, National Association of REALTORS. -PICTURED: President Joe Biden, US Secretary of the Treasury Janet Yellen -PHOTO by: POOL/CNP/startraksphoto.com -100621_Biden-Debt-Pool_012 This is an editorial, rights-managed image. Please contact Startraks Photo for licensing fee and rights information at sales@startraksphoto.com or call +1 212 414 9464 This image may not be published in any way that is, or might be deemed to be, defamatory, libelous, pornographic, or obscene. Please consult our sales department for any clarification needed prior to publication and use. Startraks Photo reserves the right to pursue unauthorized users of this material. If you are in violation of our intellectual property rights or copyright you may be liable for damages, loss of income, any profits you derive from the unauthorized use of this material and, where appropriate, the cost of collection and/or any statutory damages awarded