ANDY SERWER 00:00
So I want to ask you a little bit about the social safety net we were talking about and Medicare. And do you support Medicare for all? Would that be something you'd be interested in?
CHARLIE MUNGER 00:11
Well, I'm one of the few Republicans you'll ever talk to that thinks we should have a single-payer system, but not one of the type that we're going to get. If you look at the single-payer system of Singapore, it costs 20% of what ours cost. And that's an advanced, civilized, high-income nation. And of course, the people are a lot healthier.
Well, of course I'd rather spend 80% less and have the people healthier. And of course I'd like to have American manufacturers not have this terrible burden of unnecessary health costs that affects their competitiveness in the world. So we have an insane medical system that grew like topsy by accident with the help of a lot of dumb governmental intervention. Not all of it was dumb, but some of it was. And this system is ridiculous.
If a young family has to pay $5,000 deductible to have a baby, they don't really have medical insurance. It isn't just the Medicare that's wrong. The whole damn system is going wrong. And the amount of unnecessary tests and unnecessary prolongation of inevitable death that's going on is a national disgrace. Of course I don't like it.