While Congress and the media debate President Obama's economic stimulus bill, it's interesting to note that the total amount -- currently tabbed at $850 billion -- is in the ballpark of what this nation has borrowed and/or spent on conducting the wars in Afghanistan and Iraq. Consequently, had we not initiated either of these wars, this money would be available now.
I realize that the above statement is not entirely true. If we hadn't wasted so much money on this two failed military endeavors, we would have spent some of the funds on other things. In addition, a lot of this money are not funds we currently have -- the monies were borrowed. Still, had we not borrowed the money, we wouldn't be so deep in debt and our national economy wouldn't be in such shambles now.
While former [p]Resident George W. Bush bares a lot of the responsibility for our current dilemma, both political parties are equally culpable. Republicans, as well as Democrats, kept passing bills that funneled more and more taxpayer dollars down the holes known as Afghanistan and Iraq! Congress could have easily halted either war by simply cutting the purse strings, but this didn't happen.
The National Priorities Project (NPP) has done a great deal of work on calculating the costs of the Iraq war. As of March, this cost will equal $656.1 billion. Here's a note on their methodology:
I realize that the above statement is not entirely true. If we hadn't wasted so much money on this two failed military endeavors, we would have spent some of the funds on other things. In addition, a lot of this money are not funds we currently have -- the monies were borrowed. Still, had we not borrowed the money, we wouldn't be so deep in debt and our national economy wouldn't be in such shambles now.
While former [p]Resident George W. Bush bares a lot of the responsibility for our current dilemma, both political parties are equally culpable. Republicans, as well as Democrats, kept passing bills that funneled more and more taxpayer dollars down the holes known as Afghanistan and Iraq! Congress could have easily halted either war by simply cutting the purse strings, but this didn't happen.
The National Priorities Project (NPP) has done a great deal of work on calculating the costs of the Iraq war. As of March, this cost will equal $656.1 billion. Here's a note on their methodology:
The Cost of Iraq War calculator is counting up to $656.1 billion, the amount allocated by Congress through March 2009. When additional fiscal year 2009 war funding is approved, the counter will be updated.
The numbers include military and non-military spending, such as reconstruction. Spending only includes incremental costs, additional funds that are expended due to the war. For example, soldiers' regular pay is not included, but combat pay is included. Potential future costs, such as future medical care for soldiers and veterans wounded in the war, are not included. It is also not clear whether the current funding will cover all military wear and tear. It also does not account for the Iraq War being deficit-financed and that taxpayers will need to make additional interest payments on the national debt due to those deficits.
The media (and others) sometimes cite a figure that is in excess of our estimate. However, the number cited by the media may include not just the Iraq War, but the Afghanistan War and for enhanced security abroad. Our figure is only covering the cost of the Iraq War as it relates to the U.S. federal budget (and does not include costs to others or other countries or any economic impact costs to Americans).
This number is based on an analysis of the legislation in which Congress has allocated money for war so far and research by the Congressional Research Service (latest report) which has access to Department of Defense financial reports...
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