One Day’s Cost
The occupation of Iraq and its effect on our economy, our nuclear weapons policy, our relationship with Iran, as well as our foreign policy in general will be the most urgent issues political candidates are asked to address in the 2008 elections.
Over 70% of Americans oppose the continued occupation of Iraq and aggression towards Iran. Our challenge is to translate that public opinion into political influence. The upcoming 2008 election will provide the best opportunity to do that in the past eight years.
The official cost of the wars in Iraq and Afghanistan is $609 billion. Bush has asked for an additional $195 billion for the current year, which Congress is certain to approve. Including the interest payments on borrowed money, by the time Bush leaves office, he will have spent more than $1 trillion on the two wars.
The $1 trillion only reflects direct war costs plus interest. However, as with any war, there are enormous economic and social costs, which Republicans never mention. Whenever, money is borrowed on such a massive scale, every dollar uses to pay for war is money removed from productive private-sector investment by American businesses. Reduced investment means reduced productivity in the long term. Productivity is the engine of growth, and without it, our economy regresses.
Since Bush took office, our national debt has grown by $3.38 trillion, which is more than under any president in history. Despite historically low interest rates, interest payments on that debt in Bush’s first six years reached $1.1 trillion. In 2002, the neocons projected a total cost for Iraq at around $60 billion.
Much of our governments borrowing has been from our Social Security Trust Fund retirement money. Congress and Bush refuse to reform the system to take care of future generations of retirees. Without the trust fund and money from foriegn investors the American economy would be severely impoverished and required to make up the difference from its own depleted resources.
The costs from the lost productivity of dead and wounded soldiers, the costs of caring for the survivors, the replenishing of lost equipment, continued economic disruptions from deployments of Reserves and increased oil costs from Middle East instability, will continue to multiply for many decades into the future. Add in the interest costs on borrowed money, the Joint Economic Committee’s conservative estimate is $2.8 trillion in war costs through 2013. That is assuming that the number of troops are reduced to 55,000.
One day’s war costs, could pay for 9,300 teachers for a whole year, or 14,200 police officers, or 163,700 college Pell Grants, or tuition for 58,000 Head Start children or health insurance for 513,000 children.
Over 70% of Americans oppose the continued occupation of Iraq and aggression towards Iran. Our challenge is to translate that public opinion into political influence. The upcoming 2008 election will provide the best opportunity to do that in the past eight years.
The official cost of the wars in Iraq and Afghanistan is $609 billion. Bush has asked for an additional $195 billion for the current year, which Congress is certain to approve. Including the interest payments on borrowed money, by the time Bush leaves office, he will have spent more than $1 trillion on the two wars.
The $1 trillion only reflects direct war costs plus interest. However, as with any war, there are enormous economic and social costs, which Republicans never mention. Whenever, money is borrowed on such a massive scale, every dollar uses to pay for war is money removed from productive private-sector investment by American businesses. Reduced investment means reduced productivity in the long term. Productivity is the engine of growth, and without it, our economy regresses.
Since Bush took office, our national debt has grown by $3.38 trillion, which is more than under any president in history. Despite historically low interest rates, interest payments on that debt in Bush’s first six years reached $1.1 trillion. In 2002, the neocons projected a total cost for Iraq at around $60 billion.
Much of our governments borrowing has been from our Social Security Trust Fund retirement money. Congress and Bush refuse to reform the system to take care of future generations of retirees. Without the trust fund and money from foriegn investors the American economy would be severely impoverished and required to make up the difference from its own depleted resources.
The costs from the lost productivity of dead and wounded soldiers, the costs of caring for the survivors, the replenishing of lost equipment, continued economic disruptions from deployments of Reserves and increased oil costs from Middle East instability, will continue to multiply for many decades into the future. Add in the interest costs on borrowed money, the Joint Economic Committee’s conservative estimate is $2.8 trillion in war costs through 2013. That is assuming that the number of troops are reduced to 55,000.
One day’s war costs, could pay for 9,300 teachers for a whole year, or 14,200 police officers, or 163,700 college Pell Grants, or tuition for 58,000 Head Start children or health insurance for 513,000 children.
posted by Jim O'Leary | 12:08 AM
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