The Three Trillion Dollar War
Last month, the
Figuring out the financial costs of the War is just as mysterious. Before the War, the Bush Administration estimated its total economic cost would be a low as 50 billion dollars. Currently, the official estimate is up to 500 billion dollars.
At the same time President Bush declared that the war in
We'll spend most of the hour with Joseph Stiglitz, Professor of Economics at
He co-wrote the book with Linda Bilmes, Professor of Public Finance at Harvard's Kennedy School of Government. In the book, they maintain the Bush Administration intentionally low-balled the cost of the war â€” and keeps a second set of numbers hidden from the public.
In response to the 3 trillion dollar estimate, the White House went on the attack. A White House spokesperson said, “People like Joe Stiglitz lack the courage to consider the cost of doing nothing and the cost of failure. One can't even begin to put a price tag on the cost to this nation of the attacks of 9/11.”
I asked Stiglitz what effect the Iraq War has had on the American economy…