Iraq War Costs to Hit $2 Trillion: Nobel Laureate
CAIRO, January 7, 2006 (IslamOnline.net) - A report by an American Nobel prize-winning economist and a Harvard budget expert put the costs of the Iraq war between $1 trillion and $2 trillion, accusing the Bush administration of continuing to underestimate the cost of the war.
"Our estimates are very conservative, and it could be that the final costs will be much higher," Joseph Stiglitz, a Columbia University professor who won the Nobel prize for economics in 2001, told the Guardian on Saturday, January 7.
"And it should be noted they do not include the costs of the conflict to either Iraq or the UK ."
Congress has appropriated $251bn for military operations in Iraq , and the Congressional budget office has now estimated that under one plausible scenario the Iraq war will cost over $230bn more in the next 10 years. The report, written by Stiglitz and Linda Bilmes, a Harvard budget expert, came a few days after the New York Times said the Bush administration was scaling back ambitions to rebuild Iraq and did not intend to seek funds for reconstruction.
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Click to read the Guardian's report in full
