With his jacket off and sleeves rolled up, House Speaker Paul Ryan made the case for the Republican health care law Thursday, walking through a 35-minute PowerPoint presentation to a packed crowd of reporters and millions of viewers watching on the three cable TV networks. It was quintessential Ryan, calmly explaining the details of the American Health Care Act looking more like a college professor than a professional politician.

But in making his case, Ryan made a series of misleading statements, both about the current state of Obamacare and the details of the replacement bill. Three stand out:

1. Cherry-picking premium costs. The numbers Ryan cited are scary: Premiums for a benchmark plan in the ACA marketplace rose 59 percent in Minnesota this year, 53 percent in Pennsylvania, 63 percent in Tennessee, 58 percent in Alabama, 69 percent in Oklahoma and 51 percent in Nebraska. “Arizona,” he said, “clocked in at a 116 percent increase in their health insurance premiums with Obamacare.”

His numbers aren’t wrong—they come from a report from the Department of Health and Human Services, released last fall. But Ryan is cherry-picking the states with the highest premium increases. He doesn’t mention that premiums rose just 2 percent in New Hampshire, 5 percent in New Jersey, 2 percent in Ohio or 2 percent in Arkansas. In Indiana and Massachusetts, premiums actually fell. He also doesn’t mention that Americans are often protected from those rising premium increases by their subsidies, which increase as premiums rise. That’s not free—the extra cost is borne by taxpayers—but it draws an inaccurate picture of how premium hikes are actually hitting enrollees nationwide.

2. Obamacare in a death spiral? It’s Ryan’s favorite Obamacare talking point: Obamacare, he says, is in a death spiral. It sounds scary, but to health care economists, “death spiral” actually has a specific definition. It happens when premiums rise so much that young, healthy people drop out of the insurance market, creating a costlier “risk pool” of insured people, and forcing insurers to raise premiums again. That leads more healthy people to drop out until only sick people remain. The key sign that an insurance market is in a death spiral is if enrollment is dropping significantly—especially among the young.

Is that happening with Obamacare? Not exactly. As I wrote when Ryan used this claim in January, enrollment in Obamacare insurance markets isn’t rising, as Democrats hoped, but it’s not collapsing either. We don’t have full data on sign-ups for 2017 Obamacare plans. But HHS has said that 9.2 million Americans signed up for insurance on the federal exchange, down from 9.4 million last year. That slight drop isn’t a good sign for Obamacare supporters, who blame the decline on the Trump administration’s decision to scale back advertising for the law. But it isn’t a giant slide, either. We’ll know more once final figures for the state exchanges come in.

What’s happening with the young enrollees that the system needs to keep buying insurance? That’s unclear. A January HHS report found that 26 percent of enrollees were between the ages of 18 and 34, down from 28 percent last year. Those are concerning numbers; the Obama administration’s original goal was 40 percent. But they aren’t a large enough decline to precipitate a death spiral, economists have said. And there are even signs that the market is stabilizing: S&P projected smaller losses for insurers in 2017 than in 2016.

3. Obamacare causes “job lock?”? Ryan also claimed Thursday that “Obamacare produces job lock,” pointing to a 2014 Congressional Budget Office report as evidence. Ryan gets this exactly wrong. Job lock is an economic term for when a person cannot leave a job for fear of losing health insurance. A 59-year-old with a pre-existing condition who wants to retire may keep working to afford insurance, or a 30-year-old would-be entrepreneur may forgo starting his own business because of insurance costs. This was a problem with the health insurance system before Obamacare, which the current law went a long way toward solving. Ryan has this backward when he says Obamacare produces job lock.

It’s more likely Ryan misspoke here; the rest of his comments were not about job lock but instead about a different issue. Even if we assume he meant something else, he still is misleading the public. What Ryan intended to say is that Obamacare discourages people from working, because as their income rises, their insurance subsidies fall. CBO projected that the law would lead to a reduction in 2.5 million full-time-equivalent jobs in 2024 because people both would no longer need a job to receive health insurance—a reduction in job lock—and the loss of subsidies would discourage them from working and earning higher salaries.

Ryan and his Republican colleagues have long criticized this element of Obamacare, and Ryan said Thursday that the GOP bill avoids this pitfall. “We don't want federal tax law or tax credits to ever encourage a person not to advance, not to get a raise, not to take a job,” he explained. But the Republican health care plan actually does do that. In their legislation, tax credits phase out starting at $75,000 for individuals and $150,000 for families. Those income thresholds are higher than the thresholds under Obamacare. But they still will cause families to lose subsidies as their income increases—and it won’t just happen for people making a million dollars, as Ryan suggested Thursday.

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