Tuesday, January 10, 2006

Iraq war costs underestimated--could reach $1 trillion

In 2003, the Bush administration said that the $200 billion estimate of the cost of the war in Iraq from Larry Lindsey, Bush's economic advisor, was too high. Paul Wolfowitz suggested that the cost of reconstruction would be financed entirely by Iraq. Congress has so far appropriated $251 billion for military operations, and the Congressional Budget Office has indicated that we should expect another $230 billion in costs over the next ten years.

Now a paper by Nobel prizewinning economist Joseph Stiglitz and Harvard budget expert Linda Bilmes argues that the CBO's estimate leaves out some significant costs, like healthcare for injured soldiers--lifetime care for brain injuries alone may cost $35 billion. Their paper argues that $1 trillion is a conservative estimate of the total costs.

(Story at The Guardian.)

1 comment:

Einzige said...

Generals and Majors ah ah
they're never too far
from battlefields so glorious
out in a world of their own
They'll never come down
till once again victorious

Generals and Majors always
seem so unhappy 'less they got a war

Generals and Majors ah ah
like never before are tired of being actionless.

Calling Generals and Majors
Generals and Majors everywhere
Calling Generals and Majors
your World War III is drawing near

Generals and Majors ah ah
They're never too far
away from men who made the grade
out in a world of their own
They'll never come down
until the battle's lost or made

Generals and Majors ah ah
like never before, are tired of being in the shade.