Two weeks before the Affordable Care Act was due to launch, President Obama declared that "there's no serious evidence that the law is holding back economic growth."
The CBO—Congress's official fiscal scorekeeper, widely revered by Democrats and Republicans alike as the gold standard of economic analysis—reported that by 2024 the equivalent of 2.5 million Americans who were otherwise willing and able to work before ObamaCare will work less or not at all as a result of ObamaCare.
Economist Casey Mulligan studies how government choices influence the incentives and rewards for work.
CBO is all the more notable for accepting Mulligan's premise, which is that what economists call "implicit marginal tax rates" in ObamaCare make work less financially valuable for lower-income Americans.
Because the insurance subsidies are tied to income and phase out as cash wages rise, some people will have the incentive to remain poorer in order to continue capturing higher benefits.
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