The world's second-richest person called on Washington policymakers to adopt fundamental reforms on such costs to address what he called a "national emergency."
He said health care eats up 17 percent of U.S. gross domestic product, at a time when many other countries pay only nine or 10 percent of GDP but have more doctors, nurses and hospital beds per capita.
"It's like a tapeworm eating at our economic body," Buffett said on CNBC television.
"If it was a choice today between Plan A, which is what we've got, or Plan B, which is the Senate bill, I would vote for the Senate bill," he said. "But I would much rather see a Plan C that really attacks costs, and I think that's what the American public wants to see."
Rising costs, Buffett said, are holding back an economy that faced an "economic Pearl Harbor" in late 2008 when capital markets seized up.
Warren Buffett
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Edward Gibbon
If you want to take drugs and drink alcohol and smoke, that's your business. But if you want me to pay for it when you get sick, that's my business. If we're going to have universal health care, why don't we have universal auto care? I mean, if you run your car into a tree, the government buys you a new car. You back into somebody in the parking lot and scratch it. Hey, that's OK. The government will fix it. You blow up your engine 'cause you forgot to change the oil. That's OK. The government will fix it. Why don't we have universal house care? See, if you've ever owned a house and rented it out to somebody else, you will understand. How many know what I'm talking about? Renters just don't look at it the same way owners do, do they? And when it's your responsibility to take care of your health, you'll take care of it.
Kent Hovind
I've found just the right partner to help me shake up Washington, Gov. Sarah Palin of the great state of Alaska. ... She has an executive experience and a real record of accomplishment. She's tackled tough problems, like energy independence and corruption. She's balanced a budget, cut taxes, and she's taken on the special interests. She's reached across the aisle and asked Republicans, Democrats, and independents to serve in her administration. She's the wonderful mother of five children. She's -- she's helped run a small business. She's worked with her hands and knows -- and knows what it's like to worry about mortgage payments, and health care, and the cost of gasoline and groceries. She knows where she comes from, and she knows who she works for. She stands up for what's right, and she doesn't let anyone tell her to sit down.
John McCain
I am talking about the accumulated evidence of the last 5 years that our present tax system, developed as it was, in good part, during World War II to restrain growth, exerts too heavy a drag on growth in peace time; that it siphons out of the private economy too large a share of personal and business purchasing power; that it reduces the financial incentives for personal effort, investment, and risk-taking. In short, to increase demand and lift the economy, the Federal Government's most useful role is not to rush into a program of excessive increases in public expenditures, but to expand the incentives and opportunities for private expenditures. [...] While rising demand will expand imports, new investment in more efficient productive facilities will aid exports and a new economic climate could both draw capital from abroad and keep capital here at home.
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