Ensuring the future of our children . . .
. . . will be crap.
In 2008, its sixth year, the war will cost approximately $12 billion a month, triple the “burn” rate of its earliest years, Nobel Prize-winning economist Joseph E. Stiglitz and coauthor Linda J. Bilmes write in a new book.
Beyond 2008, working with “best-case” and “realistic-moderate” scenarios, they project that the Iraq and Afghan wars, including long-term U.S. military occupations of those countries, will cost the U.S. budget between $1.7 trillion and $2.7 trillion – or more – by 2017.
Interest on money borrowed to pay those costs could add $816 billion to that bottom line, they say.
The nonpartisan Congressional Budget Office has done its own projections and comes in lower, forecasting a cumulative cost by 2017 of $1.2 trillion to $1.7 trillion for the two wars, with Iraq generally accounting for three-quarters of the costs.