The United States, virtually alone among developed nations without a universal single-payer system, has by far the world’s highest per-person health care costs. Based on many key criteria, it nonetheless has worse outcomes, says investor Warren Buffett.
The U.S. spends 18 percent of GDP on health care. The big health insurance companies siphon off 18 to 25 percent of the billions of dollars of premium incomes (from citizens and the government) that they receive.
Medicare, on the other hand, spends less than 3 percent on administrative costs.
If we had single-payer, our spending would be in the 12 percent of GDP range where France and other leading European countries are.
The insurance companies (Humana, Aetna, Blue Cross, United Health Care, etc.) are sucking the life out of our country while spending billions on executive bonuses, shareholder dividends, stock buybacks, acquisitions, marketing, etc.
It’s really just another nefarious way to extract money from the poor, the middle class and the government, and transfer it to the pockets of the already wealthy.
It’s an increasingly obscene spectacle, and it needs to stop.