Expanding Medicaid through President Obama's healthcare law hinders economic growth and costs jobs, according to a study from the American Action Forum released on Thursday.

The finding runs counter to the argument that the Medicaid expansion is an economic stimulus, one that many supporters of the law's expansion have been making to convince states to participate in it.

"[W]e find that Medicaid expansion, if adopted by all states, would result in a direct net loss of up to $174 billion in economic growth nationwide over ten years, and would result in the loss of over 206,000 full-year-equivalent jobs for the years 2014 to 2017," wrote economist Robert A. Book, the report's author.

Previous studies finding Medicaid expansion to be an economic stimulus, Book wrote, failed to take into account broader macroeconomic effects such as the the impact of the higher taxes that finance the expansion.

The AAF study "takes into account not only changes in federal Medicaid spending in each state, but also changes in state spending, changes in federal exchange premium subsidies, and the impact of taxes on each state, based on each state's average share of federal taxes."

The full study can be read here.