San Francisco Business Times
June 29, 2017
By Dan Geiger and Eric Leenson
What is Warren Buffett’s biggest worry about American competitiveness? The cost of health care. As he put it: “Our businesses [pay] far more for health care — a tax by another name — than those in other countries.” His partner Charlie Munger said, “The whole system is cockamamie ... I think we should have single-payer medicine eventually.” Buffett agrees.
A staggering 18 percent of U.S. GDP is spent on health care. Per capita health care costs are almost double that of the next highest country. American companies spend on average 15 percent of payroll for health benefits. Cockamamie indeed!Read More