The U.S. military interventions in Iraq and Afghanistan have cost taxpayers nearly $5 trillion and counting, according to a new report released to coincide with the 15th anniversary of the attacks.
Dr. Neta Crawford, professor of political science at Brown University, released the figures in an independent analysis (pdf) of U.S. Departments of Defense, State, Homeland Security, and Veteran Affairs spending, as well as their base and projected future spending. Crawford is also a director at Brown’s Costs of War Project, which works to draw attention to the human, economic, and political toll of the military response to 9/11.
In total, the wars already boast a price tag of $4.79 trillion, she found. And the cost is still climbing.
Crawford’s estimate includes budget requests for the 2017 operations in Afghanistan—which are poised to continue despite President Barack Obama’s vow to withdraw troops from the country by then—as well as in Iraq and Syria. The Pentagon requested $66 billion for those fights just for that year.
However, even if the U.S. stopped spending on war at the end of this fiscal year, the interest costs, such as debt for borrowed funds, would continue to rise. Post-9/11 military spending was financed almost entirely by borrowing, which in turn has driven debt and interest rates, the project has previously noted.
Gary Edwards on 16 Dec 11Excellent summary of how deep the hole the Federal Reserve has dug for Americans. Walks us from the 2008 crisis to the Levy Economics Institute $29.616 Trillion Bankster Bailout. Incredibly well written commentary. excerpt: Bernanke argues we should look only at the lending at a peak instant of time. Think about it this way. A half dozen drunken sailors are at the bar, and the bartender refills their shot glasses with whiskey each time a drink is taken. At any instant, the bar-keep has committed only six ounces of booze. That is a useful measure of whiskey outstanding. But it is not useful for telling us how much the drunks drank. Bernanke would like us to believe that if the Fed newly lent a trillion bucks every day for 3 years to all our drunken bankers that we should total that as only a trillion greenbacks committed. Yes, that provides some useful information but it does not really measure the necessary intervention by the Fed into financial markets to save Wall Street. And that leads to the final way to measure the Fed's commitments to propping up our drunks on Wall Street: add up every single damned loan, guarantee and asset purchase the Fed made to benefit banks, banksters, real Housewives on Wall Street, fraudsters, and their cousins, aunts and uncles. This gives us the cumulative Fed commitments. The final important consideration is to separate "normal" Fed actions from the "extraordinary" or "emergency" interventions undertaken because of the crisis. That is easier than it sounds. After the crisis began, the Fed created a large alphabet soup of special facilities designed to deal with the crisis. We can thus take each facility and calculate the three measures of the Fed's commitments for each, then sum up for all the special facilities. And that is precisely what Nicola Matthews and James Felkerson have done. They are PhD students at the University of Missouri-Kansas City, working on a Ford Foundation grant under my direction, titl
