Supreme Court ruling on abortion has ‘tremendous impact on business’: expert

The Supreme Court decision Friday, which overturned the landmark abortion decision Roe v. Wade sent shockwaves across the country.

Dr Ruth Shaber, an obstetrician-gynecologist and founder of the Tara Health Foundation, which advocates for abortion rights, said the Supreme Court’s decision was “very disappointing news”, but not surprising. She added that she was wary of the impending effects on women’s health as well as their roles in the workforce.

“Women are a critical part of financial leadership and certainly contribute to economies around the world and certainly in the United States,” Shaber said. “What this decision means is not just for women and their families and the impact on the ability to control their family size, but it is a huge impact on businesses and state economies. It’s really important for business leaders to think about this as well.

Many companies, including Tesla (TSLA), Amazon (AMZN) and Apple (AAPL) – have pledged financial support for employees traveling for abortions, as many states are expected to implement abortion restrictions.

An abortion rights activist holds a hanger during nationwide protests at Duncan Plaza in New Orleans, Louisiana May 14, 2022. REUTERS/Kathleen Flynn

“These are all things that really impact the workforce,” Shaber said. “When we talk to a company about what this means, we emphasize that it is actually in their economic interest to provide as much support as possible to their men and women, to their families so that they can benefit from ‘full coverage.’

“It’s very destabilizing”

According to December 2021 Data from the Institute for Women’s Policy Research (IWPR), abortion restrictions at the state level cost states $105 billion annually, primarily through reduced labor force participation and income levels.

IWPR analysis found that if these state restrictions were lifted, 505,000 women between the ages of 15 and 44 would join the labor force and earn about $3 billion a year, increase national GDP by almost 0.5% and would increase the earnings of individual women by an average of $1,610.

Immediately after the SCOTUS decision, Missouri and Texas announcement that they had banned abortion in their jurisdictions, while other states with trigger laws should also enforce their own laws. At least two dozen states have trigger laws in place, which were designed to automatically go into effect upon the ruling.

“You have to plan for the worst,” Shaber said. “We’ve worked a lot behind the scenes with many large companies to help them understand the power that women have in their workforce. When you take away the ability to have essential health care, it’s very destabilizing. [in] that we know that men and women do not want to be recruited into a company that is headquartered where they would need to work in a state where they do not have full access to reproductive health care.

Shaber also highlighted the effect the abortion ruling will have on marginalized communities, especially women of color and women who live in rural areas where access to health care is already limited.

“It’s something that people who have means, people who have privilege in this country are going to be able to get the services they need,” she said. “They are going to jump on a plane. They will do what they have to do. But the impact is really on the people of our country, our fellow citizens who have the fewest resources. This will only perpetuate these wealth gap cycles that we have been talking about for years. »

Adriana Belmonte is a reporter and editor and covers politics and health care policy for Yahoo Finance. You can follow her on Twitter @adrianambells and contact her at adriana@yahoofinance.com.

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