Global economist says Obamacare can't be repealed but could be altered

GARY│A global currency and public policy strategist for BMO Capital Markets predicts a Nov. 6 victory for Republican presidential candidate, former Massachusetts Gov. Mitt Romney but said whomever wins the presidency has to deal with the cost of health care.

Andy Busch has made frequent appearances on CNBC, CBC and BNN where he is a regular contributor.

Busch consults with the staff from the White House, the U.S. Department of the Treasury and Congress on economic and market issues and in 2011 was asked to testify in front of Congress on the effectiveness of the 2009 stimulus package.

Busch, who spoke Thursday at a luncheon at Marquette Park hosted by BMO, said looking at what’s been happening since the beginning of October and President Barack Obama’s performance in the first debate, it’s hard to see any voting enthusiasm, not only from the Democrats but also independents and moderate Republicans to turn out to vote.

“It’s really going to be difficult for President Obama to win,” he said.

Busch said if Romney is elected he won’t be able to repeal the Affordable Care Act, known as Obamacare, as he has promised he would.

“It’s almost impossible to repeal that piece of legislation,” he said. “(But) it can be changed.”

Regardless of who wins the presidency, Busch said he needs to address health care because “too much is spent on it.”

Busch said too much of it is spent on the elderly and not enough on the young. Spending more on the young will mean a payoff “down the road” as those children get older because they’ll be in better health.

“These are some of the tough decisions that have to be made that no one wants to talk about,” he said.

Busch said he’s enthusiastic about the country’s future over the next couple years.

Reasons for optimism include a rising energy tide, “one of the best things to happen in the U.S.,” he said. Busch said it’s projected by 2020 the U.S. will produce as much oil as Saudi Arabia.

“That’s phenomenal,” he said. “It will help manufacturing move back to the country and create about 3 million jobs just in the area of energy.”