5. “It will create 4 million jobs-400,000 jobs almost immediately.”
It wasn’t enough to pitch Obamacare as a premium-reducing law that would not have any negative consequences. Democrats also argued that it would create jobs. “This bill is not only about the health security of Americans,” Rep. Nancy Pelosi (D-Calif.), then speaker of the House, said in February 2010. “It’s also about jobs. In its life, it will create 4 million jobs-400,000 jobs almost immediately.”
Reality: The gush of jobs never materialized. The unemployment rate slowly receded in the months after Obamacare passed, but largely because more people had quit searching for work. By 2021, according to projections by the Congressional Budget Office, the law is expected to shrink the nation’s work force by about 0.5 percent, since fewer people will hold onto their jobs to maintain their health insurance.