The Iraq War and the U.S. Economy

Paper Summary:

This paper explains that the war with Iraq is not doing anything good for the U.S. economy because the economy was already in trouble before the war. The author points out that the same sort of common wisdom, which credits World War II with ending the Depression, held that the war with Iraq would make the U.S. economy "robustly rebound". The paper explains that it is hard to see how unemployment or the GDP are likely to improve, considering so much of the treasury has already been siphoned off to support tanks and troops in a Middle Eastern desert.

From the Paper:

"Another BBC report, however, said the 2003 deficit would actually end up being more like $455 billion. That report also said that Federal Reserve chairman Alan Greenspan said the Federal Reserve was cuttings its forecast for U.S. economic growth in 2003 by three-quarters of one percent, to between 2.5 and 2.75 percent. If the economy is growing that slowly, the growth in employment must be equally slow or even nonexistent."

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