May 9, 2017
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“The tapeworm of American economic competitiveness”

Today’s quiz:

  1. What rose from 5% of U.S. GDP in 1960 to 17% today?
  2. What fell from 4% of U.S. GDP in 1960 to 2% today?

Answers:

  1. Health care costs.
  2. Corporate taxes.

Extra credit question: Which one’s a drag on the competitiveness of the U.S. economy?

Here’s Warren Buffett’s answer:

“Medical costs are the tapeworm of American economic competitiveness,” Mr. Buffett said, using a metaphor he has employed in the past to describe the insidious and parasitic costs of our health care system….

Mr. Buffett is a Democrat, but his business partner, Charles T. Munger, is a Republican — and a rare one who has advocated a single-payer health care system. Under his plan, which Mr. Buffett agrees with, the United States would enact a sort of universal type of coverage for all citizens — perhaps along the lines of the Medicaid system — with an opt-out provision that would allow the wealthy to still get concierge medicine.

Read more here.

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