Iraq war could cost US over $2 trillion, says Nobel prize-winning economist

The Guardian ^ | January 7, 2006 | Jamie Wilson

[BogusStory]

Congress has appropriated $251bn for military operations, and the Congressional budget office has now estimated that under one plausible scenario the Iraq war will cost over $230bn more in the next 10 years.

According to Nobel prize winner Mr Stiglitz and Harvard budget expert Ms Bilmes, there are substantial future costs not included in the Congressional calculations. For instance, the latest Pentagon figures show that more than 16,000 military personnel have been wounded in Iraq. Due to improvements in body armour, there has been an unusually high number of soldiers who have survived major wounds such as brain damage, spinal injuries and amputations. The economists predict the cost of lifetime care for the thousands of troops who have suffered brain injuries alone could run to $35bn. Taking in increased defence spending as a result of the war, veterans' disability payments and demobilisation costs, the budgetary costs of the war alone could approach $1 trillion.

[BogusStory]

See also josephstiglitz.com or BogusStory.com

[expatguy]

Iraq should pay for their own liberation.

An American Expat in Southeast Asia

[Larry Lucido]

So far, the math adds up to a half trillion over 10 years or so, including lifetime care for soldiers who are surviving thanks to improved armor. Author just has to account for another 1.5 trillion. Maybe he is projecting into to the year 2100? Or maybe he is bogus.

[Aussiebabe]

How many times are we going to have see this same dumb article, by the same far-leftist economist? Note that this poster just came on today, so I guess it is just another troll who won't give up with this story.

But, for the third time I get to post: Why did God put economists on earth. The answer: To make weather forecaster look good.

[D-fendr]

The telling paragraph:

But the economists' costings went much further than the economic value of lives lost. They factored in items such as the higher oil prices which could partly be attributed to the war. They also calculated the effect if a proportion of the money spent on the Iraq war was allocated to other causes. These factors could add tens of billions of dollars.

Or the could add up to minus hundreds of billions of dollars.

Like our president says about polls: Economists' predictions say what you want them to say.

[prophetic]

and oh we ALL know just how WISE & KNOWLEDGEABLE all these Nobel types can be even if they are speaking from outside of their area of expertise.

/sarcasm off

[D-fendr]

I can play this game better:

Without the war, Saddam would control the UN causing massive international turmoil, funnel billions of dollars and weapons to terrorists and dictators, create havoc in South America; the Middle East would explode in factional wars three times in the next decade (costing hundreds of thousands of lives), and disrupting oil supplies. Western economies would strain against dramatically increased terrorism and uncertain energy markets.

Factoring in the cost of human lives, and future economic losses, the cost of the War in Iraq is:


-$3,000,000,000,000.

[D-fendr]

The point being:

Ask the learned economists what would be the cost without the war.

[prophetic]

reminds me of an old russian joke:

During one of their famous MAYDAY parades there was a group of russian economists leading the pack of the usual military hardware & soldiers.

One western diplomat turned to his soviet counterpart and asked "Why are those men leading off the parade? They are not soldiers are they not?"

The russian official laughed and said "Nyet comrade they are not, indeed they are our most brilliant economists!"

Confused, the western diplomat asked "I dont understand, how & what do those economists have to do with the MAYDAY parade?"

The russian official laughed again and said "Because they are the MOST DESTRUCTIVE FORCE in our entire Soviet Union!!!"

[stuartcr]

Just like evryone else we've helped?

[Obadiah]

On the other hand, we could just pull a Clinton and promise that Janet Reno will get right on it as a criminal investigation follow-up to 9/11. You see, then further pulling a Clinton, we'd just kick the can down the road a bit, continue our holiday from history, with the media gladly playing along and extolling Clinton as the wunderkid, and hey, we wouldn't have to worry about ANY costs or the massive death and destruction of the west for at least a few more years! Yeah, that'd work.

[stuartcr]

1/2 a trillion...boy, that's lots better.

[carumba]

I don't think the public is ready for a negative sign on their budget numbers. What we could do is tell them that we got a two for one bargain when we eliminated the threat that Iraq posed and defused the tensions in the middle east by eliminating the reason for us being there and hastening the day when we could leave.

[Aussiebabe]

That's good!

[jwpjr]

re: Iraq war could cost US over $2 trillion

Maybe so. The amount seems a bit high-balled to me, but even if it does end up being that much I consider it a good return on investment. A mushroom cloud over NY or Chicago or ANY American city would cost at least as much and we'd have thousands or tens of thousands dead. We made a considerable down payment on that $2 trillion as a result of 9/11 and I don't regret the future payments on that account one little bit.

[blueriver]

A mushroom cloud over NY or Chicago or ANY American city would cost at least as much and we'd have thousands or tens of thousands dead.

Is this statement for real? Iraq never ever had the potential to launch a nuclear weapon over NY or Chicago.

[Coldwater Creek]

Iraq is paying for our liberty!!!!!

[Coldwater Creek]

You are right about Iraq, but by use being there, we are keeping the real threats to our country in line.

How many times does it have to be said, draw the terrorist over there and keep them off of our property????? It's working isn't it?

The terrorist are very patient, and the minute that they see our real leadership weakening, we are toast.

[woofie]

You joined up to post this ?..It has been posted at least twice before...and you want hits on your site?


At least say what you think

[muawiyah]

You are speaking of "potential" now. Iraq may well have as much as 60% of world oil reserves once its fully evaluated using modern methods.

With that kind of wealth you can BUY whatever you want.

To suggest Saddam Hussein and the Ba'ath party were somehow "beyond" misusing Iraq's wealth is ridiculous on the face of it.

[marvlus]

What's the saying - Freedom isn't free ?

[driftless]

"play the game"

Exactly. The cost of doing nothing about Hitler was fifty million lives and many trillions of units of whatever kind of money. An ounce of prevention is worth a pound of cure.

[tcostell]

Iraq war could cost US over $2 trillion, says Nobel prize-winning economist.

Really?! I didn't know it would cost that much... I guess we had better surrender then. Anyone know where I can pick up a bhurka for my wife? (They come in children's sizes right? I have a five year old too.)

[libertylover]

And the estimated cost of worldwide Islamofacism?

[stockpirate]

And not having the war will cost us our FREEDOM!

[Nip]

And…..?

Okay will cost 2,000,000,000,000 dollars (or more) over the next ten years.
What was the cost inflicted on the US in four hours between 0800 and 1200 EST on September 11th, 2001?
What was the cost inflicted on the US economy since then (remember the stock market just returned to its pre-Sept 11th values)?
If those are the effect of a single, non-WMD based, attack what would be the cost of a second, third, and so follow-on attacks over the next ten years (WTC 1994, WTC 2001 proves this statement)?

Nations, just like individuals, have certain “must-pay bills” Failure to pay those bills means the individual, and nation, can no longer exist as it had been living (try not paying a utility bill for a few months to prove this statement).

We, in the United States, are extremely lucky that we can afford to pay multiple large bills. Granted there might be some belt tightening (see the stock market, costs of oil, etc.) but over all the “must pay bills” are being paid by a very small percentage of our population.

So when you next see a person in uniform, regardless of their rank, go up and thank them; because they, like our parents when we were growing up, are the ones paying the most important “must pay bill“ our nation has.

Enough said!

[jwpjr]

Have you seen a mushroom cloud over an American city since we invaded Iraq?

[StarCMC]

I'm smelling ozone.

IBTZ???

[Old Sarge]

[hershey]

What would doing nothing cost in terms of American lives, the US being blown to bits, etc.? I can't count that high.

[EQAndyBuzz]

Maybe these two geniuses can tell us how much the war on poverty quagmire has cost Americans over the last 40 years.

[trussell]

Good evening Sarge. Hugs!!

[MEG33]

Eagle red white and blue To MEG33 | 01/03/2006 2:17:31 AM CST sent

-------------------------------------------------------------------------------- TO OUR VETERANS, THOSE IN THE MILITARY AND THEIR FAMILIES -------------------------------------------------------------------------------- THANK YOU FOR YOUR SERVICE TO OUR COUNTRY --------------------------------------------------------------------------------

[Darksheare]

http://www.freerepublic.com/focus/f-news/1553900/posts
Already posted, and zotted, by shuntos.
Welcome back.

[Darksheare]

http://www.freerepublic.com/focus/f-news/1553900/posts

Same article, posted by troll 'shuntos'.

[blueriver]

Have you seen a mushroom cloud over an American city since we invaded Iraq?

Are you implying that Iraq had the means to send a nuclear warhead to the US. That is so far out of touch with reality that it is hard to believe anyone actually believes it to be true.

[sitetest]

What are the savings to apply against the costs if the war in Iraq prevented exactly one additional event like September 11?

[joebuck]

This comes from the same people who said we would suffer 200,000 American deaths trying to defeat Saddam's army. More Americans are murdered in California evey year than have been killed in Iraq during the entire war.

[BJClinton]

Howdy, welcome to Free Republic. Are you well-grounded?

KP, AAC, I don't have a RKBA/VK. Maybe y'all could help?

[MEG33]

You called?

[jwpjr]

I'm not implying anything. I simply made a couple of statements. Not everything in the world has a one to one ratio with something else. Some things are related through several steps of connection. And some things, while not actually related at all, serve to illustrate some things that are. It's called abstract reasoning, and for some people it's a way to understand some ideas. For others it seems foolishness. I happen to like it, and use it frequently, but I have no quarrel with those who don't appreciate it. Most people who have to deal with me find it much easier on their mental health just let me live in, deal with, my own little world of abstract ideas and handle their own in a manner that makes to sense to them. I'm not trying to be difficult or challenging. Honest.

[Zavien Doombringer]

Hmmm, Blog Pimping?

Now, I hear that's a no-no here on FreeRepublic...

[Darksheare]

Dunno what his story is.
He's awfully quiet though.

[<1/1,000,000th%]

IBTZ?

[Zavien Doombringer]

Should we....?

[Darksheare]

Dunno.

[Zavien Doombringer]

I think we should, just cause we can :)

We haven't had a good Zot in a while

[Darksheare]

LOL!
My IFF is busted at the moment.

[Zavien Doombringer]

My mode 4 is giving me the red X

[Darksheare]

];-)