Warren Buffett says scrap Obamacare and start overWarren Buffett is called many names: "Wizard of Omaha", "Oracle of Omaha",or the "Sage of Omaha. He is also known as an investor, philanthropist and businessman. Recently Warren Buffett weighed in on the Obamacare fiasco. When asked over the weekend by CNBC what Warren Buffett would do with the new insurance program if he were president he declared he would start over.
Why would Warren Buffett scrap Obamacare?
What is the main concern of Warren Buffett? Warren Buffett believes that without changes to America's health system average citizens will suffer. "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."
What has happened since the exchanges opened?
Its been three years and millions of dollars have been spent, but several weeks ago when the exchanges opened, Obamacare remained one of the most hated bills in history, creating a program which experts call the greatest tax increase ever in the history of the United States.
Why is the program hated? Critics criticize the bill, arguing the Federal Government does not have the constitutional right to require citizens to purchase health insurance. Critics are also angry at the increasing fees, taxes and higher premiums we can all expect to pay under Obamacare. For instance, some financial experts believe the cost for Obamacare could be as high as 25% of our paychecks next year.
Financial experts agree some could hit it rich with Obamacare investment opportunities
But not everyone is complaining. In fact, some financial experts believe there may be some real opportunities for financial investors. Warren Buffett didnt comment on opportunities, but there are many investors who claim that Obamacare may offer riches for investors who understand what companies to invest in.
According to Wall Street expert and Money Map Press Chief Investment Strategist, Keith Fitz-Gerald, "Obamacare is one of the single biggest wealth creation opportunities to hit the markets in decades," says Fitz-Gerald. "That's because huge amounts of money - trillions - will be spent as Obamacare gets rolling."
The key for investors is understanding what sectors of the economy will benefit the most. Fitz-Gerald claims that some companies may be able to make higher returns on a scale that was simply unimaginable before this legislation was passed.
What do Americans need to know about Obamacare?
But what about the average consumer who is not interested in investing? Since its unlikely that the Federal Government will follow the advice of Warren Buffett and scrap the entire program, its time for Americans to prepare themselves for the new costs and rules.
In a book entitled Beating Obamacare: Your Handbook for Surviving the New Health Care Law suggestions by the author include understanding what is and is not covered, how your employer may decide to stop offering insurance and understanding how fines may be assessed. The author also warns seniors to get the procedures they need now and not wait until next year when procedures such as hip replacement, knee replacement and cataract surgeries may be difficult to get under Medicare.