Billionaire investor Warren Buffett says a government-run health program would drive down costs.
The billionaire investor tells « PBS NewsHour » that government-run health insurance « probably is the best system » because it would control escalating costs.
« We are such a rich country. In a sense, we can afford to do it, » Buffett said. « In almost every field of American business, it pays to bring down costs. »
In a single-payer system, the government uses taxpayer money to finance basic health care costs.
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The Berkshire Hathaway (BRKA) chairman cautioned that health care was « way outside of my circle of competence » and stressed that he was speaking with « limited knowledge. »
But he noted that spending on health care accounts for roughly one-sixth of the country’s economic output, up from about 5% half a century ago.
« Health care is gobbling up well over $3 trillion a year, » Buffett said. « It’s just about the same as the federal budget — I mean, it’s getting up there. »
Buffett has said health care costs hurt businesses more than corporate taxes do. At a Berkshire Hathaway shareholder meeting this year, he called medical costs « the tapeworm of American economic competitiveness. »
As Republicans in Congress try to come together on a plan to replace Obamacare, some progressives have argued for a single-payer system.
Senator Bernie Sanders, the Vermont independent and former Democratic presidential candidate, has endorsed a « Medicare-for-all, single-payer » health system. Such a plan would almost certainly be defeated in Congress.
