New Analysis piece up at Fox News: Is It Really a '$3 Trillion War'?
What is the cost of the Iraq and Afghanistan wars? To many, the answer, at least from 2001 through 2007, is $473 billion – about a quarter of total defense expenditures over those years. It has averaged less than one percent of GDP.
$473 billion is probably an underestimate simply because the fighting has already lasted past 2007 and some wounded veterans will require long-term care. But how much more is it?
In a new book, The Three Trillion Dollar War, Joseph Stiglitz and Linda Bilmes argue that this emphasis on what the government has already spent dramatically understates the true cost of the war. At roughly six times the defense department’s numbers, their $3 trillion estimate has generated much news coverage and controversy. . . .
I found a related piece by Amity Shlaes here.