Kristin Myers, Editor in Chief of the Balance, talks about the current economic impact on those living in states that restrict reproductive rights and discusses how a possible ban could affect the U.S. economy.

Opening Bell

The Economic Ramifications of Restricting Abortion Rights in the U.S.

here to talk more. Kristin Myers editor in chief of the balance Kristen talked to us about the economic impact on those living in states where abortion restrictions are currently in place. We of course talk about women's health and reproductive impact. But I think the economy is something we need to explore here. Yeah, that is such a good point. I think this is first and foremost, of course a health issue, but it is also an economic and a financial issue. The studies have already shown that the current abortion bans and restrictions that are already in place in several states Has already cost the us economy over $100 billion dollars a year. And I know some people might think, OK, well, how is that even possible? But the reality is that for those women essentially that are denied the abortions that they want essentially face uh reduced earnings going forward into their future. They're experiencing higher turnover in their careers or even job loss and all of those have economic costs that total over $100 billion. So if we overturn roe v wade, we can only really guess here that the economic costs and the economic toll is going to be even higher nationally. That whole net drag is about half a percentage point of GDP. So this isn't just about women or people who are giving birth. It's about everyone. So Kristen you mentioned a lot of numbers, I'm like taking notes here, half a percentage point of GDP and also to the tune already of $100 billion Chair about the economy coming out of this pandemic. Another health issue. Talk to us more about how abortion restrictions could impact the broader U. S. Economy. So on a national level, especially as this is something that is impacting our health systems. Yes. So this is such a good point because I think people that feel that oh if I'm not a woman, I'm not a person who gives birth. Perhaps I'm not in a household where my my wife or my partner is someone who wants to get abortion. I won't be affected at all. And that is a total myth. Women who are denied abortions or people who are denied abortions are four times more likely to live in poverty. There are three times more likely to need social welfare benefits like snap for example. And who pays for some of those benefits, the american taxpayer, they're going to need money to buy, to buy clothes, to buy food to to take care of housing and transportation and these are all costs that are going to be paid for, not just by them, but also by the american taxpayer. Now you mentioned health care. A lot of women are a lot of people that are going to want an abortion if they can afford it, they will continue to still get it. Unfortunately it is the people that cannot afford to travel out of state that are going to be taking unsafe risks in order to still obtain those abortions. And that means that they are going to need aftercare healthcare afterwards. Now again, if these women are lower income, they're going to need assistance from Medicaid again paid for by taxpayer dollars. And that is going to cost about hundreds of millions of dollars every single year to take care of these women. And I think that we need to point out here that the same states that want to gut this right are also some of the same ones that essentially want to gut the affordable care act. So what is that going to look like? Right, if we're in a world where we don't have universal access to health care and now we also don't have this access to safe abortions. What exactly is the economic picture going to look like, particularly for those women that cannot afford to travel to obtain that abortion safely elsewhere? It is going to have huge economic impacts for all of us and disproportionately on those lower income and women of color. Yeah, Christian just about 30 seconds here. But can you do the cost analysis talking about the average person's living cost to raise a child versus traveling out of state for procedure? Yeah, this is it's expensive, the cost of raising a child according to the U. S. Government is about $234,000 from 0 to 17. I've done the math. That's about $1100 a month. Daycare costs. We don't have universal daycare, that's about $1000 a month nationally. So you have to figure you can all do the math. It's going to cost you a couple of $1000 every single month. Whereas a plane ticket might just be a couple $100 out of the state and depending on where you are going to be able to obtain that abortion is also a couple $100. So I mean net. Net uh if you look at the numbers obviously being forced to give birth to a child is going to cost so much more money than that access to that safe abortion. Yeah. I think there are so many different factors to be discussed here and the issues are being debated. But when you break it down to numbers, it's black and white. So appreciate that Kristin Myers, editor in chief of the balance