Posted by Tina
Correction: Buffet’s Still an Obamacare Supporter After All
I was wrong. Warren Buffet still loves Obamacare…and why not? He doesn’t need it and you can bet he is already poised to profit big time from its implementation. He’s a corporatist through and through. His comments about scrapping healthcare were taken out of context from an interview in March of 2010:
“I’ve never suggested nor thought Obamacare should be scrapped,” said Buffett, who has supported Obama’s political campaigns. “I support it. It relates to providing medical care for all Americans. That’s something I’ve thought should be done for a long, long time.”
It’s a shame the old guy doesn’t see, or doesn’t care about the train wreck his support has guaranteed for millions of Americans a lot less fortunate than he.
I have crossed out some of the quotes attributed to Buffet as being in reference to Obamacare. I have not deleted the quotes from the article that remain true for many Americans today. Buffet said what we had before Obaamcare was untenable…he can’t possibly believe that Obamacare will do anything but make matters worse.
Two items regarding Obamacare in the news caught my attention today.
The first was the startling news that billionaire investor Warren Buffet, who backed Obamacare before it was passed, is now saying we should “scrap it and start 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.'”
He’s got (some of) that right!
The second story illustrates just one of the many problems that make this law unworkable. It comes to us from Chicago, but you can bet the same thing is happening in towns and cities all across America. This is the sad tale of medical supply businesses being forced to close their doors because the new “cost saving” Medicare rules in Obamacare don’t adequately cover the cost of supplies needed by sick and aging Medicare patients. The owner says his profits will be cut by 85% citing one example of reimbursements for diabetic supplies that were cut by 72%.
Only a big government thinker could believe that it’s possible to make healthcare more affordable by creating a huge bureaucracy that attempts to control costs through regulation. The way to control cost is to eliminate the expensive, dictatorial, government middleman thereby creating competition among suppliers for the business. The buyer at the store is then free to negotiate with suppliers…he can say things like, “Gee I’d like to give you the business but Joe over at ABS will sell that item to me for $50 less per case…can’t you do better?” This is how costs are kept low.
The market, when not interfered with, will establish a fair price that is more affordable for everyone and the entrepreneurs that make these products will have incentive to find a way to make their product less expensive.
Warren Buffet (should be able to see) knew this before he endorsed Obamacare; hes a businessman!
But better late than not at all.