Buffett: Health care costs hurt US economy
OMAHA, Neb. - March 1, 2010 -- 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.
healthcare, warren buffett, business/finance
- Photos: 21 suspects ID'd in Collingdale drug sweep
- Foggy, cloudy, mild today
- WATCH: Action News Online
- 2013 Troop Greetings
- Missing mom, baby from Newark, Del. found
- Sinkhole opens up on Northern Liberties street 10 min ago
- Christmas decoration theft caught on camera
- No charges for FSU's Jameis Winston 50 min ago
- Pizza delivery man shot in Overbrook
- Missing Phila. boy hit by car in Upper Darby
- Chester Co. firefighters called to Md. pet shop fire
- Coffins unearthed at North Philly school
- Attack in Center City caught on camera
- Video: Topless woman chases peeper from Kohl's