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We need to get Obamacare disaster behind us, Trump economic advisor says

The Affordable Care Act has to go and it has to go quickly, Donald Trump economic advisor and CKE Restaurants CEO Andrew Puzder told CNBC on Wednesday.

The president-elect promised during his campaign one of his first acts in office would be the repeal of Obamacare.

Puzder believes it can be done and replaced with other health care options. While there is already Medicaid for low income people, and those who are wealthy and have jobs can afford health insurance, he said it is the working and middle class that need a solution.

"We need to do tax deductions or tax credits for people that can't take advantage of the deductions so they've got something to spend," he told CNBC's "Power Lunch."

"That will incentivize competition among insurers to get their business. If we can use incentives and competition to drive that health-care market, we will have a solution."

He believes the ACA has increased the cost of employing people and has taken discretionary income away from consumers, who have to pay premiums.

When it comes to creating jobs, which Trump has also promised to accomplish, Puzder said that happens when people are able to take risks in their businesses.

He believes that can occur if taxes are cut.

"You take the risk, you make the investment, you spend the time and if you are successful you will need other people to service that business. That's how you create a job," he said.

The CEO said Trump's win has made him feel "so much better" about the lives of his franchise owners.

"There are so many elements, so many things out there right now that are so much brighter this morning than they were yesterday morning," he said.