Tumblr Icon RSS Icon

The economic costs of war.

By Faiz Shakir  

"The economic costs of war."

Share:

google plus icon

The New York Times’ Bob Herbert writes:

The war in Iraq will ultimately cost U.S. taxpayers not hundreds of billions of dollars, but an astonishing $2 trillion, and perhaps more. There has been very little in the way of public conversation, even in the presidential campaigns, about the consequences of these costs, which are like a cancer inside the American economy.

On Thursday, the Joint Economic Committee, chaired by Senator Chuck Schumer, conducted a public examination of the costs of the war. The witnesses included the Nobel Prize-winning economist, Joseph Stiglitz (who believes the overall costs of the war — not just the cost to taxpayers — will reach $3 trillion), and Robert Hormats, vice chairman of Goldman Sachs International.

Both men talked about large opportunities lost because of the money poured into the war. “For a fraction of the cost of this war,” said Mr. Stiglitz, “we could have put Social Security on a sound footing for the next half-century or more.”

Matt Yglesias notes, “Few people seem to appreciate it, but it’s quite literally true that al-Qaeda’s strategy is to cripple the U.S. economy by dragging us into quagmires abroad.” Arianna Huffington writes, “The thing about $3,000,000,000,000 is that, at a certain point, it becomes hard to ignore.”

‹ McCain Hasn’t Changed Website To Reflect His Embrace Of Bush’s Plan To Privatize Social Security

Despite Broad Coverage Of Global Warming Deniers Conference, Right Wing Slams Media For ‘Ignoring’ It ›

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.