ReadySteadyBlog

Tom Engelhardt and William Hartung discuss the economic cost of war:


How far off were they? Well, it depends on which figure you choose to start with. Here's the range: According to key officials in the Bush administration back in 2002-2003, the invasion and reconstruction of Iraq was either going to cost $60 billion, or $100-$200 billion. Actually, we can start by tossing that top figure out, since not long after Bush economic advisor Larry Lindsey offered it in 2002, he was shown the door, in part assumedly for even suggesting something so ludicrous.

Deputy Secretary of Defense Paul Wolfowitz championed the $60 billion figure, but added that much of the cost might well be covered by Iraqi oil revenues; the country was, after all, floating on a "sea of oil." ("To assume we're going to pay for it all is just wrong," he told a congressional hearing.) Still, let's take that $60 billion figure as the Bush baseline. If economists Joseph Stiglitz and Linda Bilmes are right in their recent calculations and this will turn out to be more than a $3 trillion war (or even a $5-7 trillion one), then the Bush administration was at least $2,940,000,000,000 off in its calculations.

Readers Comments

  1. Great minds...etc. I posted on this very topic earlier this week over at http://wisdomofthewest.blogspot.com

    My take was bafflement: Why isn't this getting more attention in the mainstream press in the U.S.? I got the story from an Aussie paper and a Singaporean paper. It seems like this should be front page NY Times and WaPo, etc.

Leave a Comment

If you have not posted a comment on RSB before, it will need to be approved by the Managing Editor. Once you have an approved comment, you are safe to post further comments. We have also introduced a captcha code to prevent spam.

 

 

 

Enter the code shown here:   [captcha]

Note: If you cannot read the numbers in the above image, reload the page to generate a new one.