The REAL cost of the Iraq war - $2 TRILLION

IRAQ = $$$$$$$$$$

while not terribly suprising, still much more than anyone could have imagined...

The real cost to America of the Iraq war is likely to be between $1 trillion and $2 trillion, up to 10 times more than previously thought, according to a report written by a Nobel prize-winning economist and a Harvard budget expert.

The study, which expands on traditional estimates by including such costs as lifetime disability and healthcare for troops injured in the conflict as well as the impact on the American economy, concludes that the U.S. Government is continuing to grossly underestimate the cost of the war.

[...]

The paper on the real cost of the war, written by Joseph Stiglitz, Columbia University professor who won the Nobel Prize for economics in 2001, and Linda Bilmes, a Harvard budget expert, is likely to add to the pressure on the Bush administration over its handling of the war. It also follows the revelation this week that the White House has scaled back its ambitions to rebuild Iraq and does not intend to seek new funds for reconstruction.

Mr. Stiglitz told the London Guardian newspaper that despite the staggering costs laid out in their paper the economists had erred on the side of caution. ``Our estimates are very conservative, and it could be that the final costs will be much higher. And it should be noted they do not include the costs of the conflict to either Iraq or the U.K.'' [italics and emphasis added]

i have only the highest respect for joseph stiglitz... he is far from one to stretch the truth or over-dramatize... when he puts something forward, you can safely assume it's solid information...

(thanks to juan cole...)

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