Single payer like HR 676 would save $350 billion a year. We could bail out 14 GMs!
From the excellent PNHP site:
The reason we spend more and get less than the rest of the world is because we have a patchwork system of for-profit payers. Private insurers necessarily waste health dollars on things that have nothing to do with care: overhead, underwriting, billing, sales and marketing departments as well as huge profits and exorbitant executive pay. Doctors and hospitals must maintain costly administrative staffs to deal with the bureaucracy. Combined, this needless administration consumes one-third (31 percent) of Americans’ health dollars.
And all to support the insurance companies, whose whose business model is denial of care!
Single-payer financing is the only way to recapture this wasted money. The potential savings on paperwork, more than $350 billion per year, are enough to provide comprehensive coverage to everyone without paying any more than we already do.
And plenty more detail, and more articles, at the PNHP link.
GM's asking for a mere $25 billion; 350 / 25 = 14; QED.
NOTE See also this Times article on national differences in health care costs.