"By the most conservative reckoning, the Iraq and Afghanistan conflicts will cost $4 trillion, including operations to date, accrued veterans medical and disability costs; indirect costs to the Defense Department, social costs for veterans’ families and interest already paid. Any estimation of macroeconomic costs, such as the impact of higher oil prices on weakening aggregate demand, and the link between oil prices and decisions of the Federal Reserve to loosen monetary and regulatory policy prior to the financial crisis, would easily raise the cost to $5 or $6 trillion, (even if only a fraction of the "blame" is attributed to the wars)53. Throughout the past decade, the United States has underestimated the length, difficulty, cost and economic consequences of these wars, and has failed to plan how to pay for them." https://research.hks.harvard.edu/publications/workingpapers/citation.aspx?PubId=8956&type=WPN
Posted on: Sun, 07 Jul 2013 00:47:58 +0000
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