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Iraq war could cost US over $2 trillion, says Nobel prize-winning economist
Guardian ^
| 01/17/2006
| Jamie Wilson
Posted on 01/07/2006 6:48:17 PM PST by 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.
(Excerpt) Read more at guardian.co.uk ...
TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: bilmes; iraq; pricetag; stiglitz; troll; vikingkitties; warspending
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To: shuntos
What a bargain compared to the price of Saddam's scientists working with the Libyans, developing a bomb, passing it off to a terrorist group who could sneak it into the country, and watching New York get incinerated. What would the cost of that be? Our economy and the world economy would collapse.
121
posted on
01/07/2006 8:05:23 PM PST
by
doug from upland
(NEW YORK TIMES -- traitorous b*st*rds)
To: sauropod
122
posted on
01/07/2006 8:05:51 PM PST
by
NormsRevenge
(Semper Fi ... Monthly Donor spoken Here. Go to ... https://secure.freerepublic.com/donate/)
To: shuntos
To: When do we get liberated?
I did say according to Risen
As for the rest .. it's a fact
124
posted on
01/07/2006 8:06:16 PM PST
by
Mo1
(Republicans protect Americans from Terrorists. Democrats protect Terrorists from Americans)
To: shuntos
I wouldn't consider people such as Jimmy Carter a socialist. Then you haven't been paying attention. Read his new book, Our Endangered Values?
125
posted on
01/07/2006 8:07:58 PM PST
by
sauropod
(Walk with the King today and be a blessing.)
To: shuntos
Okay, you are a troll/ Anyone, ANYONE, who wouldn't call Jimmy Carter a socialist, is suspect and then some.
Comment #127 Removed by Moderator
To: Congressman Billybob
Still haven't ever heard a single reason to believe he was an actual Socialist. You need to pursue state ownership of the manufacture and delivery of goods and services to be a Socialist.
To: When do we get liberated?
You're off your rocker .. Carter is a bleeding heart socialist
who is afraid of rabbits
129
posted on
01/07/2006 8:09:03 PM PST
by
Mo1
(Republicans protect Americans from Terrorists. Democrats protect Terrorists from Americans)
To: shuntos
But the economists' costings went much further than the economic value of lives lost. They factored in items such as the higher oil prices which could partly be attributed to the war. They also calculated the effect if a proportion of the money spent on the Iraq war was allocated to other causes. These factors could add tens of billions of dollars. The number sounds speculative. Meanwhile the US GDP is 11 trillion per year or something. Spread the trillion over 4 years, and yes it is expensive, but the economy keeps huming for a reason, and in part it has to do with the ratio of 2.5% per year or whatever. The US pays the big bucks to keep the body count down. We can afford it, for the right cause.
130
posted on
01/07/2006 8:09:04 PM PST
by
Torie
To: eeevil conservative
BRAVA and yes, this n00b appears to be a live troll. :-)
To: Lucky Dog
However, it is certain that the cost of dong nothing would have far larger, both in treasure and in lives. 9/11 cost the US well over one trillion dollars. Can you imagine taking another hit?
132
posted on
01/07/2006 8:10:02 PM PST
by
Go Gordon
(I don't know what your problem is, but I bet its hard to pronounce)
To: nopardons
BRAVA??? Is eeeevil conservative a girl???
To: shuntos
To all: I'm really beginning to resent these accusations. I don't believe that I have said anything hateful, racist or politically incorrect in any way. Please refrain from this unsubstantiated name-calling. You know, all that resentment will eventually eat you up inside. You're on Christmas, or winter, or holiday break,or whatever you call it break, aren't you?
To: nopardons
135
posted on
01/07/2006 8:13:44 PM PST
by
eeevil conservative
(courage is living in tyranny and speaking for freedom/not living in freedom and speaking for tyranny)
To: TheCrusader
(I say the story is 'crap' because nobody knows when the war will end, or what it might save us in the long run by luring, fighting and killing the terrorists in their own region.) Everytime the RATs want to turn us into a socialist country, they want raise taxes to INVEST in education, to INVEST in healthcare, to INVEST in social security... But when it comes to fighting terrorism, NOOOOOOO, that money is a waste and a drain on the economy.
136
posted on
01/07/2006 8:14:10 PM PST
by
Go Gordon
(I don't know what your problem is, but I bet its hard to pronounce)
To: freedumb2003
Faceplant into the net underneath?
Wait a minute. That's no Steenkin' net. That's the LAFFER CURVE!
137
posted on
01/07/2006 8:15:11 PM PST
by
sauropod
(Walk with the King today and be a blessing.)
To: RedRover
LOL!
BRAVA??? Is eeeevil conservative a girl???
Last time I checked.....
138
posted on
01/07/2006 8:15:17 PM PST
by
eeevil conservative
(courage is living in tyranny and speaking for freedom/not living in freedom and speaking for tyranny)
To: shuntos
If you are referring to pricetag of World War II for the US, it was $350 billion. I just Googled it and found this from http://www.fff.org/freedom/1191c.asp, please use the information at your own risk. Why do you ask? Is that $350 billion in 1940's dollars? and what was the cut-off date - because we're still over there.
139
posted on
01/07/2006 8:16:51 PM PST
by
Go Gordon
(I don't know what your problem is, but I bet its hard to pronounce)
To: shuntos
"Could cost" a Brazillion dollars.
140
posted on
01/07/2006 8:17:02 PM PST
by
Big Giant Head
(I should change my tagline to "Big Giant Pancake on my Head")
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