Buffett Says Scrap ObamaCare

Things are obviously bad for Pres. Barack Obama when Warren Buffett feels that the ObamaCare initiative needs reformation. He said “we need something else.” back in 2010, well before this program came into being.

Money Morning writes:

“Healthcare costs in the United States are like a tapeworm eating at our economic body.

“Those words come from famed investor Warren Buffett, who said he would scrap Obamacare and start all over.

“‘We have a health system that, in terms of costs, is really out of control,’ he added. ‘And if you take this line and you project what has been happening into the future, we will get less and less competitive. So we need something else.’

“Buffett insists that without changes to Obamacare average citizens will suffer.

“‘What we have now is untenable over time,’ said Buffett, an early supporter of President Obama. ‘That kind of a cost compared to the rest of the world is really like a tapeworm eating, you know, at our economic body.’

“Buffett does not believe that providing insurance for everyone is the first step to take in correcting our nation’s healthcare system.

“‘Attack the costs first, and then worry about expanding coverage,’ he said. ‘I would much rather see another plan that really attacks costs. And I think that’s what the American public wants to see. I mean, the American public is not behind this bill.'”

Republicans, it might be time to heed the words of Warren Buffett and propose an alternative to ObamaCare. Make it fix the unfairness of the tax code, offer lower costs and deal with pre-existing condition problems. It should also bring new life to the individual insurance market and create real reform.