On Wednesday, February 15, 2017, the hopes of about 22 Hoosier babies per day will either be dashed or prolonged. Indiana State Representative Ben Smaltz, R-Auburn, chairman of the House Public Policy Committee, will need to decide if he grants a hearing to [House Bill 1134]. This pro-life Republican doesn’t want a public hearing of this bill. It would end abortion in Indiana.  Planned Parenthood has begun a campaign, thanking Smaltz for his efforts to kill the bill. Go figure!

In the State of Indiana, whenever a bill is proposed, there must be a fiscal study. The fiscal impact study for this bill can be viewed here: [see, Latest Fiscal Note]. The taxpayer-funded study discusses legal fees, loss revenues from licensing fees, and added costs of possible additional crimes, as well as offsetting savings from the possibility of other crimes not occurring. Other than the potential of reimbursing plaintiff’s legal bills, if a plaintiff’s lawsuit prevailed, all other costs and savings are stated as “small.” [Note, “Under the ‘American rule,’ attorney fees are usually not paid by the losing party …”]

Now, do you see anything missing from this fiscal study? Look again. How about the value of not killing 22 Hoosier babies per day?!

Estimating the economic cost of abortion is not as difficult as it sounds.

The true human life value of an individual is incalculable. As an infant, imagine the human life value of Bill Gates, Michael Dell or Steve Jobs. It would be impossible to calculate the global economic value these entrepreneurs created. By contrast, Mother Teresa and Billy Graham are examples of two people whose human life value has had a global impact on societies and cultures. Such value also cannot be measured.

In dealing with lawsuits and economic studies to validate planned expenditures, five federal agencies (EPA, FDA, Department of Transportation, Consumer Product Safety Commission and FAA) have used valuations of a single American life ranging from about $5 million to $9 million. [1] These numbers represent the federal government’s value of a life to society.

When the federal government established a compensation fund for the beneficiaries of 9/11 victims, the average payout was $2 million. [2]

A life insurance company cannot insure the human life value. It insures the economic value. Even still, a life insurance company limits that value. One of America’s oldest and largest life insurance companies uses a simple formula: 20x earnings (on average) to represent the maximum insurable economic value.

The latest online data, from the Indiana Department of Workforce Development, lists Indiana’s per capita personal income at $41,940 (2015 data). [3] Using this number, the average economic insurable value of a Hoosier would be $838,800 (20 x $41,940).

I created a table showing the economic impact of killing 22 Hoosier babies per day in Indiana’s abortion clinics. Before I address this table, there is one more way to evaluate the economic cost.

A 2016 GOBankingRates survey estimates an Indiana taxpayer’s combined cost of income taxes (federal and state), property taxes, sales taxes and gas taxes. According to this study, a typical Indiana resident pays $8,680 per year in taxes. [4]

Here is a summary of these values, demonstrating the economic impact of 8,000 Hoosiers being killed in a single year.

Valuation Method Aggregate Value for One Year
Federal Government Agencies (avg) $56,000,000,000
Average 9/11 Compensation $16,000,000,000
Average Insurable Economic Value $6,710,400,000
Estimated Tax Revenue $69,440,000

I am not suggesting House Bill 1134 be judged solely on its economic impact. Abortion, though, has a real cost to Indiana and the federal government revenues, the economic development and workforce development of Indiana, the United States economy and our global society. The above chart represents simply one year. If we multiply these numbers by 44, representing the period since U.S. abortion became legal, we then have these numbers:

Valuation Method Aggregate over 44 years
Federal Government Agencies (avg) $2,464,000,000,000
Average 9/11 Compensation $704,000,000,000
Average Insurable Economic Value $295,257,600,000
Estimated Tax Revenue $3,055,360,000

The above chart minimizes the true impact of Indiana abortions. There have been more than 8,000 babies killed per year, over 44 years. This also does not consider the impact of additional babies from these babies, over 44 years. If we carried this into the future, we could not calculate the generational [opportunity cost] of this public policy.

In his recent article [GOP Rino’s Still In Power Are A Danger To Conservatism], Jeff Petermann highlighted another 2017 Indiana debate, the gas tax. The GOP leadership can’t figure out why their tax revenue is declining while they daily, continue to kill approximately 22 future taxpayers. This really isn’t rocket science.

Now, think about how Baby Boomers are going to blow up our social programs. As I pointed out in an earlier article [Open Letter To Senator Bernie Madoff…I Mean, “Sanders”], Social Security, as just one example, is bankrupt. There are not enough younger workers to support retiring workers. U.S. demographics are accelerating the collapse of the Social Security Ponzi scheme. Would it have made a difference if 59 million babies had not been killed since 1973? [5] You bet!

“Dollar” Bill is a real guy, with real knowledge on our nation’s financial calamity, and real solutions for what must be done to dig ourselves out of the hole we are in. Due to his career, Bill must remain “disguised” to protect his position. “Bill” loves America, sees the impending cliff we are all headed towards, and hopes that by sharing his inside knowledge of the failed monetary policy in our nation, that a fiscal “nuclear” event can be minimized.