(Iraq) War costs and costs and costs

[Bragi]

The Bush administration said the war would cost $50bn. The US now spends that amount in Iraq every three months. To put that number in context: for one-sixth of the cost of the war, the US could put its social security system on a sound footing for more than a half-century, without cutting benefits or raising contributions.

Moreover, the Bush administration cut taxes for the rich as it went to war, despite running a budget deficit. As a result, it has had to use deficit spending - much of it financed from abroad - to pay for the war. This is the first war in American history that has not demanded some sacrifice from citizens through higher taxes; instead, the entire cost is being passed onto future generations. Unless things change, the US national debt - which was $5.7tn when Bush became president - will be $2tn higher because of the war (in addition to the $800bn increase under Bush before the war).

Was this incompetence or dishonesty? Almost surely both...


http://commentisfree.guardian.co.uk/joseph_stiglitz/2008/03/war_costs_and_costs_and_costs.html

Read it and weep...

- B