Warren Buffett says current US health care system is an ‘economic tape worm’ hindering US

Buffett says health care costs hurt US economy

OMAHA, Neb. — Billionaire Warren Buffett says health care costs are a major drain on U.S. businesses and act like an “economic tape worm.”

The head of the holding company Berkshire Hathaway Inc. said Monday on CNBC that America’s health care system needs fundamental reform to attack costs because it’s not practical to continue devoting roughly 17 percent of the nation’s gross domestic product to health care.

Buffett says much of the rest of the world is paying about 9 percent of their GDP on health care and have more doctors and nurses per person.

He says he hopes Congress will develop a new health care reform proposal that will restrict costs more than any of the current plans would.

On the Net:

Berkshire Hathaway Inc.: www.berkshirehathaway.com

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

OMAHA, Neb. (AP) — Billionaire Warren Buffett says health care costs are a major drain on U.S. businesses and act like an “economic tape worm.”

The head of the holding company Berkshire Hathaway Inc. said Monday on CNBC that America’s health care system needs fundamental reform to attack costs because it’s not practical to continue devoting roughly 17 percent of the nation’s gross domestic product to health care.

Buffett says much of the rest of the world is paying about 9 percent of their GDP on health care and have more doctors and nurses per person.

He says he hopes Congress will develop a new health care reform proposal that will restrict costs more than any of the current plans would.

On the Net:

Berkshire Hathaway Inc.: www.berkshirehathaway.com