In a recent interview with Yahoo! Finance, Charlie Munger, the Vice chairman of Berkshire Hathaway, mentioned that the new healthcare system in the US is ‘a lot wrong’. Munger being a Republican said that it is difficult to adapt to the new healthcare system that is being implemented in the U.S. He further mentioned that the single payer healthcare should be the solution for nation’s latest healthcare system.
Single Payer Healthcare is the solution: Charlie Munger
Charlie Munger was asked his opinion about the recent changes in the healthcare system of the U.S. On this question, Munger noted that there are good and bad aspects of nation’s healthcare system.
According to him, the good part of the healthcare system is,
“At the top, it’s the best medical care in the world. He explained that if you have a difficult type of cancer or you’re in need acute care, you’re better off in the U.S. than anywhere else. That’s the good part,”
Thus, Charlie Munger definitely praises the new healthcare system in the U.S. However, he also mentioned the bad part of the system.
“The bad part is the Rube Goldberg system that arose by accident. There’s massive amount of excess cost. There’s huge amount of extending death so people can make more money, which is disgusting. There’s a lot wrong with the system.”
He explains why he feels that the new healthcare system in the U.S. has a lot of incorrect things. Munger said that the politicians are not willing to figure this problem out. They are simply busy in hating and criticizing each other. That is why the new healthcare system of the nation has so many flaws. Due to these flaws and incorrect analysis of the total expenditure, the cost of the healthcare in the U.S goes up by 3 to 6% every year. Hence, Munger thinks that the healthcare system is going to bring financial losses to the country.
Charlie Munger was then asked about the solution to this problem. So he mentioned,
“A benign despot would create a single payer system with people being able to opt out into private care that was a little faster or a little fancier like all of Europe and Canada.”
The 93-year-old investor and businessman further added that the young people will live to see a healthcare system that looks a lot like Canada’s with a better private opt out system.
Date:May 08, 2017