Life's lively debate

Northwestern Financial Review, Dec 1-Dec 14, 2002 by Bengtson, Tom

Bankers are perhaps used to hearing abortion discussed only in the context of bankruptcy reform. That is about to change. With Republicans controlling all three branches of government, look for lively public discussion on abortion over the next few years. There is an economic component to the discussion and bankers - known for their level-headedness - could bring a fresh voice to an important discourse that is often stymied by emotion.

Regardless of your position on abortion, the fact is the nation's population is about 40 million people fewer today than it would be had the Supreme Court ruled differently in the Roe v. Wade case nearly 30 years ago. (See the Web site for the Alan Guttmacher Institute.) The economic consequences of that decision are becoming more significant every day.

Many of the industry conferences I attend include comments about aging and declining populations, trouble with Social Security, stress on government budgets and even a disappearing market for bank services in rural areas. While some people say the country is crowded enough and that we couldn't tolerate 40 million more people, it would be difficult to make that argument in Iowa, where senior citizens make up an increasing, disproportionately large segment of the population. I doubt people would buy that claim in North Dakota where a "brain drain" threatens the state's vitality. And people who want to retain our current Social Security system can't agree; without more young people entering our economy, Social Security as we know it is doomed. Even people trying to balance our government budgets would have to be skeptical. More people paying taxes means more balanced budgets; it does not mean disproportionately more expense. Consider that some costs remain flat even if population rises; the same national defense budget of $300 billion a year, for example, can protect a nation of 315 million people as easily as it can protect a nation of 275 million people.

Abortion is certainly about personal rights and individual privacy, but it also is about our society with respect to aging, retirement, taxation and workforce - all fundamental components to the economy.

Pro-life leaders hope for an opportunity to appoint one or two new Supreme Court Justices, who presumably would overturn Roe v. Wade and send the issue of abortion rights back to the states. This would be an enormous change for our country. While I know many bankers are uncomfortable participating in controversial debates, bankers may be able to contribute to a better understanding of the consequences associated with various policies on abortion.

As a magazine publisher, I am comfortable participating in controversial debates. Abortion policy is worth thinking about, particularly at this historic moment of political change. In the meantime, I urge everyone to support efforts to aid women in crisis pregnancies; your support might be exactly what they need to truly give them a choice.