[A-List] Stiglitz: Iraq war could ultimately cost the US some $2 trillion...
adsl675281 at tiscali.nl
Mon Jan 23 09:13:12 MST 2006
Iraq war could cost US over $2 trillion, says Nobel prize-winning economist
Jamie Wilson in Washington
Saturday January 7, 2006
The real cost to the US of the Iraq war is likely to be between $1 trillion
and $2 trillion (£1.1 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 expanded 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, concluded that the US government
is continuing to underestimate the cost of the war.
The report came during one of the most deadly periods in Iraq since the
invasion, with the US military yesterday revising upwards to 11 the number
of its troops killed during a wave of insurgent attacks on Thursday. More
than 130 civilians were also killed when suicide bombers struck Shia
pilgrims in Karbala and a police recruiting station in Ramadi.
The paper on the real cost of the war, written by Joseph Stiglitz, a
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 White House on the war. It also followed the revelation this week
that the White House had scaled back ambitions to rebuild Iraq and did not
intend to seek funds for reconstruction.
Report will be posted in future at Stiglitz website
(To this total would be added the costs of other Coalition members)
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