A significant Iraq casualty: Your standard of living –Robert Reich

[philb]

A significant Iraq casualty: Your standard of living –Robert Reich

The cost of the Iraq war is estimated at between $1 trillion and $3 trillion. But commentator Robert Reich says as big as that number is right now, it's going to hurt us more in the future.

A dollar spent in Iraq is a dollar we do not have to spend here, not only repairing our own bridges, roads and water and sewage systems, but also giving Americans access to health insurance and our children access to good schools, fully funding Social Security and Medicare, investing adequately in non-carbon based energy sources and green technologies and borrowing less from abroad.

In other words, the real economic cost of the Iraqi War doesn't show up in the business cycle. It will show up years from now in a standard of living that for most Americans will be significantly lower than we might have enjoyed, because we spent trillions on a war in Iraq rather than investing here in America.

http://marketplace.publicradio.org/display/web/2008/04/09/reich_commentary

[stellanoir]

1. The false choice of the war or the economy being a priority

is so annoying.

As if. . . they aren't related.

[Orrex]

2. No need to worry

Whatever longterm impact this vanished $3 trillion has upon our future economy, I'm sure that the blame will be placed squarely upon whatever Democrat happens to occupy the Whitehouse between now and then.

Just like how Clinton was blamed for the first of many Bush recessions.


Interestingly, a Republican is typically given the credit for any economic upswing that occurs on a Democrat's watch.


Hmm...

[Possumpoint]

3. I'm not so worried

about the missing one to three trillion dollars. The Fed, with Congresses blessing, will just print some more. Our children's children and their children will pay the interest on it. That's what worries me. We've become blasé about debt, both personal and governmental. You want more social programs just print more money. You want new weapons platforms just get Congresses approval even though they are clueless on balancing the economy. More Ipods, gas, food etc. just charge it. At all levels we are running up unbearable debts. It is a house of cards that will fall down. When it does the hardship will make the great depression look like a picnic.

What will cause the downfall? It's already happening. When we can no longer get other economies to finance our debt. When the dollar loses all value because it has no backing, the cards will fall. If our money becomes worthless in the world's eyes what will we use to buy anything, our good looks? Imported energy is our weakest link. We now have energy exporters who shun dollars. That's not good.

[philb]

5. Current national debt is 10 trillion; $30,000 per person;first $5,000 in income tax is debt interest

And the balance of trade deficit is over $750 billion per year, and the dollar's value declining rapidly; and U.S. assets as portion of world wealth declining rapidly; as we send all of our dollars overseas to pay for oil/energy.

[Papi]

4. Good point

All you hear from Republican is "how are you going to pay for that"? when referring to social services. Well, that's the answer. Take some of those millions that are spent in Iraq in an hour and use it for health and education.