Iraq war could cost taxpayers $2.7 trillion

[DogPoundPup]

n a hearing held by the Joint Economic Committee Thursday, members of Congress heard testimony about the current costs of the war and the future economic fallout from returning soldiers.

At the beginning of the conflict in 2003, the Bush administration gave Congress a cost estimate of $60 billion to $100 billion for the entirety of the war. But the battle has been dragging on much longer than most in the government expected, and costs have ballooned to nearly ten times the original estimate.

William Beach, director of the Center for Data Analysis, told members of Congress that the Iraq war has already cost taxpayers $646 billion. That's only accounting for five years, and, with the conflict expected to drag on for another five years, the figure is expected to more than quadruple. Sen. Charles Schumer, D-N.Y., told members of Congress that the war costs taxpayers about $430 million per day, and called out the Bush Administration.

"It is long past time for the administration to come clean and account for the real costs of the war in Iraq," said Schumer. "If they want to disagree with our estimates or with other experts ... fine - they should come and explain why."

The Bush Administration, which was invited to give testimony, declined to participate.
http://money.cnn.com/2008/06/11/news/economy/iraq_war_hearing/index.htm?cnn=yes



Also from CNNmoney article...The Pentagon has previously said that the war costs approximately $9.5 billion a month, but some economists say the figure is closer to $25 billion a month when long-term health care for veterans and interest are factored in.

Flashback to 2005: In 2005, a Nobel prize-winning economist began the painstaking process of calculating the true cost of the Iraq war. In his new book, he reveals how short-sighted budget decisions, cover-ups and a war fought in bad faith will affect us all for decades to come.
http://www.guardian.co.uk/world/2008/feb/28/iraq.afghanistan

See how an Economist in 2003 predicted Iraq war cost $2Trillion/$75 oil and was ridiculed...
Economist in 2003 predicted Iraq war cost $2Trillion/$75 oil
http://www.youtube.com/watch?v=jxzXo78WqSM

[Hydra]

1. This was always intended to be a profiteering exercise

So don't be surprised if the number reaches $5-10 trillion and keeps going up.

"Mission Accomplished" indeed.

[ladjf]

3. The fact that Bush has not been prosecuted for his high crimes is

the greatest travesty of justice in history.

[ladjf]

2. That is the worst use of public money in the history of the human

race. Thousands of Americans dead, over a million Iraqis dead, foreign policy in total shambles and the danger from terrorism is greater as a result of the Iraqi invasion.

If Bush gets off "scott free", then it will prove that our Government was massively crippled by the coup that took place in 2000.

[Hydra]

4. What terrorism?

If the terrorism wasn't funded and ordered by us, you can bet there wouldn't be so many random people in Gitmo.

[ladjf]

5. I don't disagree with your point. However, we have pissed off

so many that there are probably many more people today who would like to harm the U.S. than before we
attacked Iraq.

[Hydra]

6. That's certainly true

But that's been our MO for decades now. I'm more horrified each day I read about how we DESTROYED countries like Chile and Iran in our fight against "Communism."

I can't expect those people not to hate and attack us- we took their elected leaders from them and supported military dictatorships in their place.

I'm rather surprised nothing has happened so far from those people.