Economic Implications of the Iraq War

Paper Summary:

This paper explores the perception that the economic price of the Iraq war that is being paid is not worthwhile with regard to the expected economic and political outcomes. The paper discusses the growing consensus of opinion, which is strongly supported by leading economists like Joseph Stiglitz, that the economic costs and impact of the war have been grossly underestimated by the present administration. The paper relates the predicted costs for troop withdrawals, military expenditures and weakened economic growth. The paper shows how Stiglitz points out that even the present official estimates of the economic impact of the war do not include less obvious and far-reaching costs that can have a future effect on the economy, such as lifetime disability and health care costs for army veterans.

Outline:
Introduction
Iraq and the economy
Conclusion

From the Paper:

"The overall effect of the Iraq war on the American economy can be initially estimated by taking the following figures into account. "The Center for Strategic and Budgetary Assessments, a nonpartisan Washington think tank, has estimated that the Korean War cost about $430 billion and the Vietnam War cost about $600 billion, in current dollars. According to the latest estimates, the cost of the war in Iraq could exceed $700 billion." (Sterngold, James) These figures for Iraq are however extremely conservative in terms of other more wide-ranging and contemporary assessment of the costs of the war."

Sample of Sources Used:

• Cohen Roberta. In our opinion: how do you feel about the current situation between the United States and Iraq? Westchester County Business Journal; 3/17/2003
• Garcia M.2004. June 2, 2006. Effects Of Iraq War On American Citizens. <http://www.swans.com/library/art10/mgarci08.html>
• Sterngold, James. CASUALTY OF WAR: THE U.S. ECONOMY. 2005. http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/07/17/MNG5GDPEK31.DTL
• "The War Is Bad for the Economy". Interview with Nobel Laureate Joseph Stiglitz. 2006. June 3, 2006. http://service.spiegel.de/cache/international/spiegel/0,1518,409710,00.html
• Will the US Economy Become a Victim of the Iraq War? 2006. June 3, 2006. http://bigpicture.typepad.com/comments/2005/07/will_the_us_eco.html

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