A Quote by Warren Buffett
We need a tax system that essentially takes very good care of the people who just really aren't as well adapted to the market system but are nevertheless doing useful things in the society.
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Not just the jobs building the infrastructure, but you need to have a good highway system. You need to have a good bridge system, a good pipeline system, a good canal and waterway system for economic growth to occur, for a modern economy to succeed.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
The good things at the U.S. health care system are that we have a well-trained labor force, particularly physicians; I don't think any nation trains doctors better. We have the latest technology, simply because we throw so much money at it. We are really technology-hungry in this country. That's a good thing. Our system more treats patients like customers, which is a good thing; that it's very customer-friendly. And it's very innovative, both in the products we use, in the techniques we use and the organizational structures we use. Those are all very good things, highly competitive.
As a society, almost one 1 of 2 adults has a chronic disease of one form or another. And where we're spending $3 trillion a year not on a healthcare system, but on a sick-care system that tries to patch us up after we've been made ill by a variety of institutional things around us - including a sick food system, air pollution, etc. Where we could be doing so much better even before people get to the point of getting sick.
We need a new tax system. We need entitlement reform. We need immigration reform. These are not easy things. But it is going to take our political system working better.
I think from an economics point of view, it is important that the money that is spent for health care is well spent - what is the cost-effectiveness of the money that is used? - because if the money is well spent, many people benefit from the system, and it is also a good market for finding employment. I do not see a reason why we should limit ourselves when it comes to very qualified and humane employment opportunities if there is no waste and if there is medical need.
I'm a big believer in the system, but I just don't think we follow our own system and laws very well. I think ultimately we'll see the system collapse. Because no system has ever stayed around forever.
People can yawn all they want when a conservative mentions the tax system. But there is no doubt that when we have a tax system that punishes businesses and workers for producing then it becomes financially advantageous for everyone just to import cheaper goods from abroad.
Our society tends to regard as a sickness any mode of thought or behavior that is inconvenient for the system and this is plausible because when an individual doesn't fit into the system it causes pain to the individual as well as problems for the system. Thus the manipulation of an individual to adjust him to the system is seen as a cure for a sickness and therefore as good.
Smith, as we have said, was not the proponent of any one class. He was a slave to his system. His whole economic philosophy stemmed from his unquestioning faith in the ability of the market to guide the system to its point of highest return. The market — that wonderful social machine — would take care of society's needs if it was left alone. "Consumption is the sole end and purpose of all production," he wrote.
In comparison to the U.S. health care system, the German system is clearly better, because the German health care system works for everyone who needs care, ... costs little money, and it's not a system about which you have to worry all the time. I think that for us the risk is that the private system undermines the solidarity principle. If that is fixed and we concentrate a little bit on better competition and more research, I think the German health care system is a nice third way between a for-profit system on the one hand and, let's say, a single-payer system on the other hand.
What I want veterans to know is that VA is here to care for them. VA is a good system - health care wise, safety wise - highly comparable to any other system out there. Our oversight reviews tell us that. I'm very comfortable in the quality of our system.
People who get Nobel prizes aren't necessarily the most imaginative of people. People who sometimes find a system, develop a system, do very useful work.
Implicit in the activist conception of government is the assumption that you can take the good things in a complex system for granted, and just improve the things that are not so good. What is lacking in this conception is any sense that a society, an institution, or even a single human being, is an intricate system of fragile inter-relationships, whose complexities are little understood and easily destabilized.
Generally, we have translated greater output in the few hours of work per week over the last century. And that's a good trend of the future. But we do have to have a system that, as output of goods and services keeps increasing per capita, that it takes care of the people who are willing to work and really are not getting by very well with a family on a 40-hour week.
The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.
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