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Warren Buffett: Scrap Obamacare

Warren Buffett

Famed Investor Warren Buffett

Warren Buffett, big-time Democratic donor and supporter of President Barack Obama, now opposes the president’s signature health care law.

According to a report at MoneyMorning.com published Tuesday, Buffett is now critical of the Affordable Care Act, also known as Obamacare. From MoneyMorning.com:

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.”

Read the full story here.

(h/t WeeklyStandard.com)

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