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THE WAR ECONOMY February 29, 2008

Posted by wmmbb in Humankind/Planet Earth, Iraq.
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Aida Edemariam talks with two economists, Stiglitz and Bilmes, with a written in account in The Guardian. They seem to think that not only is war not good for the economy of the US, but bad for the world, and disastrous for Iraq. They are particularly down on Poor George, doubtless not his idea, for implementing tax cuts while going to war. In a understatement they suggest a political move that was underhand.

Dream on. The war was going to be a cakewalk, don’t you know. Home by Christmas. The war will pay for itself, once we steal their oil. We will be heroes. Our strong soldiers will be heroes, not psychological wrecks on the verge of suicide. Our pilots will be heroes, not technologically disconnected, pathological killers. Dream on.

Question:

So who benefits?

$19.3bn
The amount Halliburton has received in single-source contracts for work in Iraq

While we are at it, who pays and how much?

$3 trillion
A conservative estimate of the true cost – to America alone – of Bush’s Iraq adventure. The rest of the world, including Britain, will shoulder about the same amount again

There has to be better way! Joseph Stiglitz is apparently a Noble Price winning economist. Osama bin Laden, assuming malevolent intent, must be choking with laughter every day.

Aside from any other consideration, given the numbers there must be a crunch time – the war is not sustainable.

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