Iraq war could cost US over $2 trillion, says Nobel prize-winning economist

Guardian ^ | 01/17/2006 | Jamie Wilson

[shuntos]

The real cost to the US of the Iraq war is likely to be between $1 trillion and $2 trillion (£1.1 trillion), up to 10 times more than previously thought, according to a report written by a Nobel prize-winning economist and a Harvard budget expert.

The study, which expanded on traditional estimates by including such costs as lifetime disability and healthcare for troops injured in the conflict as well as the impact on the American economy, concluded that the US government is continuing to underestimate the cost of the war.

The report came during one of the most deadly periods in Iraq since the invasion, with the US military yesterday revising upwards to 11 the number of its troops killed during a wave of insurgent attacks on Thursday. More than 130 civilians were also killed when suicide bombers struck Shia pilgrims in Karbala and a police recruiting station in Ramadi.

The paper on the real cost of the war, written by Joseph Stiglitz, a Columbia University professor who won the Nobel prize for economics in 2001, and Linda Bilmes, a Harvard budget expert, is likely to add to the pressure on the White House on the war. It also followed the revelation this week that the White House had scaled back ambitions to rebuild Iraq and did not intend to seek funds for reconstruction.

[MikefromOhio]

zot

[jennyjenny]

Welcome to Free Republic?

[gondramB]

it's sad that the world has come to the point where my first thought wasn't "wow, that's a lot of money" nut instead was "I wonder what the economists political affiliation is?"

[RabidBartender]

Funny, we just executed a Nobel-nominated author over here.

[NormsRevenge]

stiglitz?

Columbia U?

hmmmm..

[Riley]

The minute I saw 'Nobel Prize', that issue was settled. I immediately think of 'Tookie', the Nobel nominee.

[InvisibleChurch]

don't leftists always cry about "how can you put a price tag on a life?" ... i guess there really is a point where a life costs too much, unless of course it's ripping a baby from a womb

[jennyjenny]

thanks :-) long-time reader, first time poster

Guess you decided to come in with a bang, eh? The Guardian?

[NormsRevenge]

Stiglitz..

He was a member of the Council of Economic Advisers from 1993-95, during the Clinton administration, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000.

[SJSAMPLE]

He only said "two trillion" because "eleventy billion" would make him sound like an idiot.

[Lucky Dog]

But in terms of the total cost of the war "there may [emphasis mine] have been alternative ways of spending a fraction of that amount that would have enhanced America's security more, and done a better job in winning the hearts and minds of those in the Middle East and promoting democracy".

Then again, there may not been an alternative way of spending less. However, it is certain that the cost of dong nothing would have far larger, both in treasure and in lives.

[MinorityRepublican]

thanks :-) long-time reader, first time poster

You aren't a troll? We just might call off a zot here.

[siunevada]

Dang! Wonder what the 'real' cost of going to Berlin was? We couldn't afford that either, could we?

[NormsRevenge]

Linda Bilmes

http://www.clintonfoundation.org/legacy/101999-president-names-linda-bilmes-to-administration-at-commerce-department.htm


President Names Linda Bilmes to Administration at Commerce Department
THE WHITE HOUSE

Office of the Press Secretary

---

For Immediate Release October 19, 1999
PRESIDENT CLINTON NAMES LINDA J. BILMES
TO SERVE AS CHIEF FINANCIAL OFFICER
AND ASSISTANT SECRETARY FOR ADMINISTRATION
AT THE DEPARTMENT OF COMMERCE

The President today announced his intent to nominate

Linda J. Bilmes as Chief Financial Officer and Assistant Secretary for Administration at the Department of Commerce.

Ms. Linda J. Bilmes, of San Mateo, California, currently serves as the Acting Chief Financial Officer and Assistant Secretary for Administration. Ms. Bilmes joined the Department of Commerce in 1997 as the Deputy Assistant Secretary for Administration, responsible for the effective management of the policies and programs of the Department. Prior to her tenure at Commerce, she was the Manager of the Boston Consulting Group (BCG), a worldwide management consulting group in London, England. While a member of BCG, she led major re-engineering efforts for industrial companies worldwide. Previously, Ms. Bilmes worked as a Media Consultant for the Garth Group and for Campaign Strategies, Inc. She designed campaign strategies for the successful elections of then-Governor Jay Rockefeller to the United States Senate (1984) and for Senator Robert Byrd (1982).

[RicocheT]

Well, how much does it cost to clean up after Iran or North Korea blows up a couple of US cities? Wasn't the bill for the Pentagon and the NY Trade Center pretty high?

Should we just sit here with the covers over our heads and hope the Islamic Jihad takes a 10 or 15 year break from terror? Maybe if we offer them some free Starbucks franchises they will like us and call the whole deal off.

[NormsRevenge]

see post 11 and 16

Clintonoids.

Columbia and Harvard

nuff said.

[RedRover]

And your feeling about this all is...?