Buffett: Health care is U.S. economy's 'tape worm'
Warren Buffett, CEO and chairman of Berkshire Hathaway (Credit: Nicholas Kamm/AFP/Getty Images) / Nicholas Kamm/AFP/Getty Images
(AP) OMAHA, Neb. - Billionaire Warren Buffett says President Barack Obama's health care reforms are a positive step, but more must be done to reduce costs.
The chairman and CEO of Berkshire Hathaway Inc. (BRK) said Friday during an interview on Bloomberg television that health care costs are hurting U.S. businesses because their competitors elsewhere don't pay as much for health insurance.
Buffett says health care costs are "the tape worm, essentially, of the American economy."
He reiterated his support for Obama Friday. But he says this year's presidential election will be a close race.
Buffett says the unemployment rate will be an important factor in the presidential race, but it won't determine the race by itself.
Popular on MoneyWatch
- Bernanke sends stocks, bonds skittering
- Reverse cell phone lookup service is free and simple
- Why geniuses don't have jobs
- Bernanke holds the line on Fed monetary policy
- Microsoft slashes Surface prices to lure buyers
- Have you mastered the art of listening?
- Fed says it will continue $85B in bond purchases
- Service helps you use Twitter to find a job