JPMorgan's CEO Dimon cautions on Warren, Sanders health plans
Banking leader says what Democratic hopefuls need is 'a well-designed policy'
JPMorgan Chase CEO Jamie Dimon said the U.S. health care system is the most dynamic in the world and, while he is not opposed to improving it, he is urging the Democratic 2020 hopefuls, including Sen. Elizabeth Warren of Massachusetts and Vermont's Independent Sen. Bernie Sanders to have a “well-designed policy.”
"You know, the thing about health care, you can have Medicare or Medicaid or all these various systems and do them badly or do them well," Dimon told FOX Business’ Maria Bartiromo during an exclusive interview. "What I would urge all these policymakers about [is] you need a well-designed policy. It’s not whether. It’s just one to the other."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 248.53 | +3.59 | +1.47% |
Dimon called the American health care system "the most dynamic health care system in the world," and said the Democrats need "to be very careful" if they plan on rebuilding the health care system.
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Sens. Warren and Sanders have been campaigning on Medicare-for-All platform which various projections have it costing upwards of $20 trillion. Dimon warned any overhaul involving the U.S. government would be a mistake.
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“You also have systems where the service is being provided by the marketplace while there’s still one payer," Dimon said on "Mornings With Maria." "So, there’s so many ways to design things, but, in my view, government design, it will probably be a problem. They aren’t particularly good at doing things like that."
JPMorgan Chase is currently hosting the 38th annual health care conference in San Francisco, California. Dimon talked about the strides in medical advancements underway including a drop in cancer rates as fewer people smoke. He forecast even more strides in the future but admits there is still work to be done.
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"We have other serious problems, too much opioids, too much obesity, too much Alzheimer’s," Dimon said. "So our health isn’t getting better on average. It’s getting better for some. So you know, we could do a better job taking care of the health of the average American in a more cost-efficient way."
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JPMorgan Chase, along with Amazon and Warren Buffett’s Berkshire Hathaway formed a health care venture to troubleshoot the industry’s biggest challenges. Dimon says the trio is working hard together on things like using data and science to create more transparency in the industry.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 197.12 | -1.26 | -0.64% |
| BRK.A | BERKSHIRE HATHAWAY INC. | 714,280.00 | +7,030.00 | +0.99% |
Dimon, a cancer survivor himself, said he is doing great but credits that to timing and luck.