The True Cost of the Iraq War

Today on "Marketplace," an American Public Radio program, economist Joseph Stiglitz of Columbia University discussed the results of his research indicating that the true cost of the Iraq War will ultimately total $1-2 trillion. Quite a tidy sum. And quite a bit greater than the figures that we hear from the Bush administration.

Stiglitz' estimate includes hidden costs such as life-long health care for disabled vets, the higher price of oil over several years, destroyed military hardware and other indirect costs that we don't usually think to include. Several times during the interview, he stressed that his estimate was intentionally conservative.

So what has this cost our country besides the loss of our international prestige, a potentially failed state in Iraq that may destabilize the Middle East, and a significant distraction from the war on terror? Well, for starters, here are a couple of ways ways we could have spent that money: The Iraq war would pay for 25 - 40% of the $3.7 trillion required to fund Social Security over the next 75 years. It would rebuild New Orleans 3-6 times.

Does our President have his priorities straight? I think not.

P.S. While administration officials, neocon pundits and Republican hacks will undoubtedly contest Dr. Siglitz' figures, I point out that as the winner of the Nobel Prize for Economics, he does have considerable crediblity in his field. You can hear the "Marketplace" interview at:

http://marketplace.publicradio.org/shows/2006/01/09/PM200601094.html