The River

Tuesday, February 19, 2008

$275 million per day

That's the cost of the Iraq occupation according to the National Priorities Project. That's substantially less than $720 million per day figure given by the American Friends Service Committee.

Their figure is explained on a FAQ page:

Q. How did you come up with $720 million for one day of the Iraq war?

The Iraq War supplemental funding bills passed by Congress comes to $410 billion for four years or about $280 million/day. The additional $440 million/day represents the costs already incurred but not yet paid for such as paying the interest on the war debt, caring for the wounded, replenishing military equipment and rebuilding Iraq. These future costs are based upon the work of Nobel Prize winning economist Joseph Stiglitz and Linda Bilmes of the Kennedy School of Government at Harvard. In a Milken Review update to an article first published in the National Bureau of Economic Research, Stiglitz and Bilmes calculated the costs that have already been incurred and will come due in the future.

Stiglitz is the only major economist in this country that's worth a shit. The Chicago School would've balanced the accounts with the Iraqi oil in the ground, and calculate how much we're making every day by staying in Iraq. (Oh, wait, they already did that.)
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