When US troops invaded Iraq in March 2003, the Bush administration predicted that the war would be self-financing and that rebuilding the nation would cost less than USD 2b, but Stiglitz estimates that the wars in Iraq and Afghanistan are costing America more than USD 3 trillion.
That estimate from the Noble Prize-winning Sttiglitz also serves as the title of his new book, "The Three Trillion Dollar War", which hits store shelves Friday...
When other factors are added - such as interest on debt, future borrowing for war expenses, the cost of a continued military presence in Iraq and lifetime health-care and counseling for veterans - they think that the wars' costs range from USD 5 trillion to USD 7 trillion.
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Winner of the 2001 Nobel Prize in Economics, Joseph E. Stiglitz of Columbia University.
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