Buffett is reluctant to state his opinion on the matter, because he is unsure what the final form of the bill will look like.
Buffett is asked if he supports Obama’s health care reform. He is reluctant to answer the question, but it seems to me he is not happy with it. He states that the plan has become a health insurance reform bill and not health care reform bill. He states that he supports broadening the coverage, but does not see much change from the bill that would affect health care reform. Buffett states the main problem with health care is the delivery of it, and the incentive system, and less a problem with the insurance.
Buffett states that if a public system is subsidized significantly, private plans could not compete with it and they would be forced out of business. However, Buffett believes a public plan is structured correctly it can compete with private insurers. This is the system that exists in California with workers compensation insurance.
Buffett thinks that critics who call Barrack Obama a socialist are foolish. He states that 20% of GDP since World War II has been Government. However, Government does not control businesses despite the fact that it has a big part in our lives. Buffett thinks that Government has a positive role to play in our society in particular with Social Security, and Medicare.
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