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Friday 10 February 2012

The cost of war

Nobel Prize winner Joseph Stiglitz and Linda Bilmes - co-authors of a book on the Iraq conflict - run through the numbers:

By our accounting, the U.S. has already spent $1 trillion on operations and related defence spending, with more to come -- and it will cost perhaps $2 trillion more to repay the war debt, replenish military equipment and provide care and treatment for U.S. veterans back home... This wartime spending has undoubtedly been a major contributor to our present economic collapse. The U.S. has waged an expensive war as if it required little or no economic sacrifice, funding the conflict by massive borrowing....

Burned by the difficulties in Iraq, our political leaders have no illusions about the length and difficulty of the challenge facing us in Afghanistan. But in other respects we seem set to repeat the same mistakes that we made in Iraq. The president has just signed yet another "emergency" supplemental appropriations measure ($80 billion) to fund continuing operations in Iraq and expansion into Afghanistan. This means that for the 30th time since 2001, war spending has been rushed through the budget process without serious scrutiny.

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