Monday, August 22, 2005

Cost of the Iraq War

$1.3 trillion is the estimated cost of the war in Iraq over the next five years according to Linda Bilmes, a former assistant secretary of Commerce who now teaches budgeting and public finance at Harvard University.

That’s counting the $258 billion that has been spent so far plus:
* $460 billion for military operations through 2010
* $315 billion for veterans health care benefits just for those soldiers participating in the Iraq war.
* $220 billion to finance the additional debt all this spending will produce
* $119 billion impact on the economy due to the increase in oil prices resulting from the instability in the Middle East caused by the Iraq war.

Oh, and then there is the little matter of the 2,000 U.S. military personnel killed and 14,500 wounded.

All of this just because President Bush is such a big-hearted person and wanted to spread “peace and freedom” to the Iraqi people.

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