Buffett Watch

Charlie Munger: 'The amount of waste from overtreatment of the dying is just disgusting'

Key Points
  • Charlie Munger tells CNBC the U.S. health-care system is "ridiculous" in its complexity.
  • "There's a lot wrong with the system," he says.
Charlie Munger: We should have single-payer medicine

Berkshire Hathaway Vice Chairman Charlie Munger told CNBC on Monday the U.S. health-care system is "ridiculous" in its complexity.

"The amount of waste from overtreatment of the dying is just disgusting," the 93-year-old Munger said on "Squawk Box," speaking alongside billionaires Warren Buffett and Bill Gates. "There's a lot wrong with the system."

Munger said the current health system gives U.S. companies a big disadvantage in competing with other manufacturers.

"They've got single payer medicine and we're paying it out of the company," he said.

Instead, Munger, a Republican, said he would prefer Medicare for all. "I would police it pretty hard to keep out the fraud," he said. "There's a lot of fraud and abuse in the workman's comp system. And the only way to keep it out is to be very tough on it all the time. And, of course, the government isn't very good at that."

Munger's comment came two days after he addressed some 40,000 attendees at Berkshire's annual meeting in Omaha, Nebraska.

On Thursday, the House narrowly passed a bill to replace the Affordable Care Act, better known as Obamacare. House Republicans had made a series of last-minute amendments to appease both moderate and conservative lawmakers. The bill faces an uphill battle in the Senate.

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