The Cost of War

Chimpy visited Eye-Rack today for what cynics would say was just another photo-op and attempt to get more support for the war effort. Whatever the reason, we the few, the proud, the middling triumvirate, wish to remind our devoted readership of the cost in treasure is for this little jaunt in the Persian Gulf.

A new study by Columbia University economist Joseph E. Stiglitz, who won the Nobel Prize in economics in 2001, and Harvard lecturer Linda Bilmes concludes that the total costs of the Iraq war could top the $2 trillion mark. Reuters reports this total, which is far above the US administration's prewar projections, takes into account the long term healthcare costs for the 16,000 US soldiers injured in Iraq so far.

"Even taking a conservative approach, we have been surprised at how large they are," the study said, referring to total war costs. "We can state, with some degree of confidence, that they exceed a trillion dollars."

The higher $2 trillion amount takes a 'moderate' approach. Both figures are based on the projection that US troops will remain in Iraq until 2010, with steadily decreasing numbers each year. The economists also used government data from past wars, and included such costs as the rise in the price of oil, a larger US deficit and greater global insecurity caused by the war, the loss to the economy from injured veterans who cannot contribute as productively as they would have done if not injured, and the increased costs of recruiting to replenish a military drained by repeated tours of duty in Iraq. These are items which are almost never included by the US government when determining the cost of the war.

Not that anyone is counting. Except our great-great-great grandchildren.