US Health Care Reform

Today US President Barrack Obama is supposed to deliver a revised plan to overhaul US Health care… but yesterday Warren Buffet hit the nail on the head while speaking on CNC he said the country’s out-of-control health care costs — at US $2.3 trillion a year and growing — are like “a tapeworm eating at our economic body.”

Mr Buffet underscored that he would support overhaul legislation proposed by the US Senate, but that he would prefer existing proposals be scrapped in favor of a new plan targeted at addressing costs.

“What we have now is untenable over time,” said Mr. Buffett, noting the U.S. health-care system eats up about 17% of the country’s economic output, compared with about 10% for Canada and many other countries. “I believe in insuring more people. But I don’t believe in insuring more people until you attack the cost aspect of this. And there is no reason for us to be spending 17% or thereabouts when many other developed countries are spending, we’ll say, 9 or 10%. They have more beds, they have more nurses, they have more doctors, they even have more consultations by far.”

The major obstacles to any real reform would be the power health care lobbyists (representing pharmaceutical companies, insurance companies, doctors, and other health care related entities) as well as the American public.

Without reform, the cost of U.S. health care — already the most expensive in the world — is forecast to jump to around 25% of the US economic output by 2025.

My feeling is that since the Democrats couldn’t come up with a plan that they could all get behind when they had control of the House, Senate, and Presidency it’s extremely unlikely that they can build bi-partisan support for much of any real reform now.

American politics is always a shining example that change isn’t always progress.

Originally posted 2010-03-04 02:00:40.