Cost of the Iraq War

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According to a Congressional Budget Office (CBO) report published in October 2007, the U.S. wars in Iraq and Afghanistan could cost taxpayers a total of $2.4 trillion by 2017 when counting the huge interest costs because combat is being financed with borrowed money. The CBO estimated that of the $2.4 trillion long-term price tag for the war, about $1.9 trillion of that would be spent on Iraq, or $6,300 per U.S. citizen.[7][8] The most recent CBO report, which was conducted after the end of combat operations and hence did not have to estimate future costs, was released in December 2014 and placed the cost at $0.815 trillion.[9]

Joseph Stiglitz, former chief economist of the World Bank and winner of the Nobel Prize in Economics, and Linda Bilmes of Harvard University, have stated the total costs of the Iraq War on the US economy will be three trillion dollars in a moderate scenario, described in their book The Three Trillion Dollar War and possibly more in the most recent published study, published in March 2008.[10] Stiglitz has stated: “The figure we arrive at is more than $3 trillion. Our calculations are based on conservative assumptions…Needless to say, this number represents the cost only to the United States. It does not reflect the enormous cost to the rest of the world, or to Iraq.”

A 2013 updated study pointed out that U.S. medical and disability claims for veterans after a decade of war had risen to $134.7 billion from $33 billion two years earlier.

The extended combat and equipment loss have placed a severe financial strain on the U.S Army, causing the elimination of non-essential expenses such as travel and civilian hiring.