Kristof: Iraq, $5,000 Per Second?

[RamboLiberal]

The Iraq war is now going better than expected, for a change. Most critics of the war, myself included, blew it: we didn’t anticipate the improvements in security that are partly the result of last year’s “surge.”

The improvement is real but fragile and limited. Here’s what it amounts to: We’ve cut our casualty rates to the unacceptable levels that plagued us back in 2005, and we still don’t have any exit plan for years to come — all for a bill that is accumulating at the rate of almost $5,000 every second!

More important, while casualties in Baghdad are down, we’re beginning to take losses in Florida and California. The United States seems to have slipped into recession; Americans are losing their homes, jobs and health insurance; banks are struggling — and the Iraq war appears to have aggravated all these domestic woes.

“The present economic mess is very much related to the Iraq war,” says Joseph Stiglitz, the Nobel Prize-winning economist. “It was at least partially responsible for soaring oil prices. ...Moreover, money spent on Iraq did not stimulate the economy as much as the same dollars spent at home would have done. To cover up these weaknesses in the American economy, the Fed let forth a flood of liquidity; that, together with lax regulations, led to a housing bubble and a consumption boom.”

http://www.nytimes.com/2008/03/23/opinion/23kristof.html?hp

[babylonsister]

1. Jeeze; there's some perspective. Rec'd. nt

[cornermouse]

2. That should drive my mother over the wall.

She's a fiscal conservative and I doubt she truly realizes the extent of fiscal mismanagement that Bush has perpetrated on this country.

[ljm2002]

3. Excellent oped piece...

...some people only understand arguments that are quantitative in nature. This one does an excellent job of laying it out in monetary terms.