Cartoon: Iraq Reality

Cartoon: Iraq War Costs

Cartoon: The Cost of War

Three Trillion Dollar War

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.

The Cost of the Iraq War

What Does Iraq Cost? Even More Than You Think

You may recall that you got rid of your loyal White House economic adviser Lawrence B. Lindsey back in 2002 after, among other sins, he claimed that a war in Iraq might cost as much as $200 billion. At the time, White House staffers sneered that Lindsey was being alarmist. Hardly. One commonly cited estimate of Iraq's cost, based on an August analysis by the nonpartisan Congressional Budget Office, is $1 trillion, and that's probably on the low side. A report released last week by the Democratic staff of Congress's Joint Economic Committee put the war's 2002-08 tab at $1.3 trillion...

We often think of cost simply in terms of dollars spent, but the real cost of a choice -- what economists call its "opportunity cost" -- consists of the forgone alternatives, of the things we could have had instead. For instance, the cost of seeing a movie is not just the dollars you plunked down for the ticket, but also the subtler cost of missing a dinner at home or a cocktail party at work. This idea sounds simple, but if applied consistently, it requires us to rethink and, yes, raise the costs of the Iraq war...

Even if the wisest way forward is sticking to our guns, the constraints of politics and public opinion mean that we cannot always see U.S. military commitments through. Since turning tail hurts our credibility so badly and leaves such a mess behind, we should be extremely cautious about military intervention in the first place. The case for hawkish behavior often assumes that the public has more political will than it actually has, so we need to save up that resolve for cases when it really counts.

So, Mr. President,Lawrence Lindsey is gone, but exactly who else will end up getting fired?

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Cost of the Iraq War

Estimated Costs of U.S. Operations in Iraq and Afghanistan and of Other Activities Related to the War on Terrorism