Wednesday, March 05, 2008

$3 Trillion & Counting

How will we respond to those in need when the time comes? Surely not as the Bush administration has. Now that McCain has locked in the Republican nomination could we afford another 100 years of Iraqi occupation? As Clinton & Obama fight for a nomination- who is fighting for the American people and for common sense?

From today's NY Times:

"Nobel Prize-winning economist, Joseph Stiglitz (who believes the overall costs of the war — not just the cost to taxpayers — will reach $3 trillion) noted that nearly 40 percent of the 700,000 troops from the first gulf war, which lasted just a month, have become eligible for disability benefits. The current war is approaching five years in duration.

"Imagine then," said Mr. Stiglitz, “what a war — that will almost surely involve more than 2 million troops and will almost surely last more than six or seven years — will cost. Already we are seeing large numbers of returning veterans showing up at V.A. hospitals for treatment, large numbers applying for disability and large numbers with severe psychological problems.

Said Mr. Stiglitz: “Because the administration actually cut taxes as we went to war, when we were already running huge deficits, this war has, effectively, been entirely financed by deficits. The national debt has increased by some $2.5 trillion since the beginning of the war, and of this, almost $1 trillion is due directly to the war itself ... By 2017, we estimate that the national debt will have increased, just because of the war, by some $2 trillion.”

Can we comprehend what we have allowed to happen and what our children and grandchildren will inherit?

1 Comments:

Blogger nik said...

Indeed. One wonders what you think of that $3T plus the $4T in recent deficit "stimulus" looting....

1:32 AM  

Post a Comment

Links to this post:

Create a Link

<< Home

Site Meter