In February, Ed Morrissey pointed out that in making the case for the Democrats’ health care overhaul, House Speaker Nancy Pelosi told us that is wasn’t really a health-care reform bill, but actually a jobs bill: “In arguing for the current version of ObamaCare, whatever that is at the moment, Nancy Pelosi claims that it will create four million jobs — or nearly half of all the jobs lost over the last two years:”
Well, Mrs. Pelosi, to paraphrase an expression (do hope you don’t mind), now that we’ve passed the bill and found out what’s in it, well, we find that it actually discourages work:
Congressional Budget Office director Doug Elmendorf said Friday that ObamaCare includes work disincentives likely to shrink the amount of labor used in the economy. . . .
As Capital Hill has noted previously, work disincentives will be particularly strong for older workers because both health care premiums and the law’s subsidies grow much bigger with age.
Further, the new health law will give some older households without access to employer care a big incentive not to earn too much. That’s because earning more than 400% of the poverty level would make them ineligible for subsidies that may be well in excess of $10,000 for couples.