Buffet and Munger on Single Payer
Single Payer is Good for Business
“Mr. Buffett said our global competitiveness had fallen largely because our businesses were paying far more for health care — a tax by another name — than those in other countries.” He called health-care costs “the tapeworm of American economic competitiveness” and claimed he “personally” supported a single-payer system.”
Cost Savings Benefitting Economic Growth
A comprehensive statewide plan has the power to eliminate waste and better control costs. Insurance company bureaucracy, duplication, marketing and profits currently consume 25%- 30% of all health premiums. California, the world’s sixth largest economy, will be able to negotiate better pricing for drugs and services. It is anticipated that 90% of Californians, including businesses, will save money with access to equal or better services than they currently receive. Employers’ and employees’ increased discretionary income will like result in more consumer spending, thereby enhancing overall economic growth and encouraging businesses to invest in expanded facilities and equipment.
Improved Care – Better Workplace Performance
Healthcare providers will be able to cut back on time consuming, back office paper shuffling and focus on providing timely, quality services resulting in improved care. Such progress will reduce employee absenteeism and improve workplace performance. Workers will enjoy expanded care while embracing a system less complex to understand. Preventive medicine and wellness coaching will become norms.
Reduction in Human Resources Staffing
Presently businesses spend an inordinate amount of time evaluating and implementing complex and costly healthcare plans for employees. Through the creation of a strong state plan, nearly all of this exhausting exercise will cease. Human resources staff time will be available to focus on other important employee issues.
Stimulation of Entrepreneurial Activity
Healthcare insurance as proposed in S.B. 562 will be universal and therefore individuals will have access no matter what their employment status. Given the attacks on the ACA, many potential entrepreneurs are fearful of leaving jobs tied to health insurance coverage. This concern will be eliminated once and for all.
The Right Thing to Do – California Leadership
It is shameful that in a state as wealthy as California and in a nation as wealthy as the U.S. quality health care is not provided for all. All other major developed nations do. We can learn from them while putting a unique Golden State imprint on ours. It is the “Bear Flag Republic’s” moment to lead with a just “growl” heard ‘round the U.S.