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The true cost of the Iraq war: $3 trillion and beyond
Key Excerpts from Article on Website of Washington Post
Posted: September 20th, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/09...
Writing in these pages in early 2008, we put the total cost to the United States of the Iraq war at $3 trillion. This price tag dwarfed previous estimates, including the Bush administration's 2003 projections of a $50 billion to $60 billion war. But today, as the United States ends combat in Iraq, it appears that our $3 trillion estimate (which accounted for both government expenses and the war's broader impact on the U.S. economy) was, if anything, too low. For example, the cost of diagnosing, treating and compensating disabled veterans has proved higher than we expected. Moreover, two years on, it has become clear to us that our estimate did not capture what may have been the conflict's most sobering expenses: those in the category of "might have beens," or what economists call opportunity costs. For instance, many have wondered aloud whether, absent the Iraq invasion, we would still be stuck in Afghanistan. And this is not the only "what if" worth contemplating. We might also ask: If not for the war in Iraq, would oil prices have risen so rapidly? Would the federal debt be so high? Would the economic crisis have been so severe? The answer to all four of these questions is probably no.
Note: You may remember that Bush's very low estimated war cost was one of the justifications used to push the war. Joseph E. Stiglitz, a professor at Columbia University, was a winner of the Nobel Prize in economics in 2001. Linda J. Bilmes is the Daniel Patrick Moynihan senior lecturer in public policy at Harvard University. They are co-authors of The Three Trillion Dollar War: The True Cost of the Iraq Conflict.
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