Warren Buffett: Single Payer Is ‘the Best System’ for America

WOODRUFF Something that affects ░░░░░░░░ businesses is the cost ░░░░░░░░ health care in this ░░░░░░░░ and you ve been ░░░░░░░░ about that You argue ░░░░░░░░ right now in effect ░░░░░░░░ the cost of paying ░░░░░░░░ health care can affect ░░░░░░░░ company even more than ░░░░░░░░ BUFFETT Well it does ░░░░░░░░ mean in terms of ░░░░░░░░ competitiveness in the world ░░░░░░░░ care in 1960 was ░░░░░░░░ percent of GDP And ░░░░░░░░ s only a hundred ░░░░░░░░ to the dollar So ░░░░░░░░ s gone from 5 ░░░░░░░░ to 17 percent And ░░░░░░░░ keeps going up Corporate ░░░░░░░░ have gone down from ░░░░░░░░ percent to 2 percent ░░░░░░░░ corporate taxes are way ░░░░░░░░ of a factor in ░░░░░░░░ competitiveness I m talking ░░░░░░░░ overall business than medical ░░░░░░░░ WOODRUFF As we sit ░░░░░░░░ today in Omaha the ░░░░░░░░ in Congress are madly ░░░░░░░░ to figure out what ░░░░░░░░ do to replace ObamaCare ░░░░░░░░ Affordable Care Act Do ░░░░░░░░ have a firm idea ░░░░░░░░ your mind on what ░░░░░░░░ to be done about ░░░░░░░░ Everybody acknowledges there s ░░░░░░░░ some problems with it ░░░░░░░░ I think that s ░░░░░░░░ outside of my circle ░░░░░░░░ competence But I would ░░░░░░░░ this You can t ░░░░░░░░ that 5 go to ░░░░░░░░ and move on to ░░░░░░░░ and 22 or 24 ░░░░░░░░ because there are only ░░░░░░░░ hundred cents in the ░░░░░░░░ Health care is gobbling ░░░░░░░░ well over 3 trillion ░░░░░░░░ year It s just ░░░░░░░░ the same as the ░░░░░░░░ budget I mean it ░░░░░░░░ getting up there WOODRUFF ░░░░░░░░ we now at the ░░░░░░░░ where the country does ░░░░░░░░ to think about some ░░░░░░░░ of single payer system ░░░░░░░░ some form or another ░░░░░░░░ With my limited knowledge ░░░░░░░░ think that probably is ░░░░░░░░ best system Because it ░░░░░░░░ a system we are ░░░░░░░░ a rich country in ░░░░░░░░ sense we can afford ░░░░░░░░ do it But in ░░░░░░░░ every field of American ░░░░░░░░ it pays to bring ░░░░░░░░ costs There s an ░░░░░░░░ lot of people involved ░░░░░░░░ the medical the whole ░░░░░░░░ the way the ecosystem ░░░░░░░░ that there s no ░░░░░░░░ to bring down costs ░░░░░░░░ It sounds like what ░░░░░░░░ re saying with a ░░░░░░░░ payer system it d ░░░░░░░░ easier to figure out ░░░░░░░░ way to get BUFFETT ░░░░░░░░ d be more effective ░░░░░░░░ think.”