Yellen: Banning Abortion Would Be ‘Very Harmful’ to US Economy

In her comments, Yellen said the 1973 ruling allowed women to complete their education and increase their earning potential, leading to greater participation in the labor market.

“Research also shows that it has had a favorable impact on children’s well-being and earnings,” she said. “Many research studies have been conducted over the years on the economic impacts of abortion access or lack of abortion, and it is clear that denying women access to abortion Abortion increases their chances of living in poverty or needing public assistance.”

Sen. Tim Scott (RS.C.) later in the hearing pressed her on her response, arguing that framing the issue of abortion around labor force participation “seems to me to be unforgiving.”

“That means kids will grow up in poverty and work it out themselves,” Yellen replied. “It’s not hard. It’s the truth.”

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

“I will just say that as a guy raised by a black woman in abject poverty, I’m grateful to be here as a United States Senator,” he said.