Buffett: U.S. health care costs hurt economy

Billionaire Warren Buffett said health care costs are a major drain on U.S. businesses and act like an “economic tape worm,” the Associated Press reported.

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

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