What is the real cost of the Iraq War? According to the Bush administration, the tab so far totals over $500 billion dollars-10 times the $50 billion originally estimated.
Nobel Prize winner and former Chief Economist and Senior Vice-President of the World Bank Joseph Stiglitz says that number is outrageous-not because it’s so high, but because it’s so low. In a new book written with Linda Bilmes, he says the true cost of the war is going to be closer to three trillion dollars. He alleges that the Bush administration is playing with the numbers by only counting upfront costs-and not including other costs, such as health care for veterans and increased recruitment costs. He also confronts the idea that this war could actually provide a much needed stimulus for the American economy.
Joseph Stiglitz joined Marc Steiner by phone to explain how he came up with the three trillion dollar amount, and what he thinks needs to be done to ensure America’s financial security.
Running time is 34:12.