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."

Buffett says JPMorgan Chase doing the right things

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.

[rayward73446]

Buffet is absolutely correct, our healthcare system is a tape worm, consuminmg more and more money, hurting businesses and families alike. His is the best analogy I have seen on the problem. The GOP wants to keep the tape worm healthy and in place rather than to look for solutions, starting with the ACA.

[CaptainSmollett]

...as opposed to killing the tape-worm AND the patient. You want reduced quality of care, rediced access, and a single-payor system like UK or Canada? Apparently so. And Buffett can't even relate since he has access to the best care the world has to offer.

[rightofwrong]

Solution - Seize all of Warren Buffets assets and use that to pay for healthcare. Sounds fair and he would be doing his part. He does not need all that money. What an evil person for hording all the money he steals from the little people. Same with all the other rich and evil meanies that earn too much money. Rewarding people for building businesses and employing people is what's ruining this country!