Does more poverty in the U.S. mean more abortions?

Darwin Catholic has an informative post regarding abortion, poverty, presidents, and pregnancy rates. Here's the argument he's going to contend with:

1) Economic well-being (as measured by a low poverty rate and a high median income) has been greater under Democratic administrations than Republican ones in the last 30 years.

2) Abortion rates have either been lower or have decreased faster under Clinton than under Reagan, HW Bush or W Bush.

3) There is a strong correlation between economic well-being and the abortion rate.

I'm going to argue that all of these are partly or wholly false.