UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: AdvanceDecline Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 455860  
Subject: Iraq War at $2 Trillion Date: 1/5/2006 1:48 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 20
NEW STUDY SUGGESTS ECONOMIC COST OF IRAQ WAR MUCH LARGER THAN PREVIOUSLY RECOGNIZED

 

A new study by two leading academic experts suggests that the costs 
of the Iraq war will be substantially higher than previously reckoned. 
In a paper presented to this week's Allied Social Sciences Association 
annual meeting in Boston MA., Harvard budget expert Linda Bilmes and 
Columbia University Professor and Nobel Laureate Joseph E. Stiglitz 
calculate that the war is likely to cost the United States a minimum of 
nearly one trillion dollars and potentially over $2 trillion.

The study expands on traditional budgetary estimates by including 
costs such as lifetime disability and health care for the over
16,000 injured, one fifth of whom have serious brain or spinal 
injuries. It then goes on to analyze the costs to the economy, 
including the economic value of lives lost and the impact of 
factors such as higher oil prices that can be partly attributed to 
the conflict in Iraq. The paper also calculates the impact on the
economy if a proportion of the money spent on the Iraq war were 
spent in other ways, including on investments in the United States

“Shortly before the war, when Administration economist Larry Lindsey
suggested that the costs might range between $100 and $200 billion, 
Administration spokesmen quickly distanced themselves from those 
numbers,” points out Professor Stiglitz. “But in retrospect, it appears 
that Lindsey's numbers represented a gross underestimate of the actual 
costs.” 

The Allied Social Sciences Association meeting is attended by the 
nation's leading economists and social scientists. It is sponsored 
jointly by the American Economic Association and the Economists for 
Peace and Security.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

Post of the Day:
Berkshire Hathaway

Starting a Small Business
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement