Iraq war costs skyrocketing: US economist 10 Mar 08 (http://thenews.jang.com.pk/updates.asp?id=39889)
WASHINGTON: The Iraq war will cost nearly 12 billion dollars per month in 2008, Nobel laureate and economist Joseph Stiglitz says in a new book.
The Iraq and Afghanistan wars, including the long-term US military occupation of those countries, will also cost the US between $1.7 trillion and $2.7 trillion - or more - by 2017, Stiglitz said.
Interest on money borrowed to pay those costs could alone add $816 billion to that bottom line, Stiglitz and co-author Linda J. Bilmes say in their book, The Three Trillion Dollar War.
Stiglitz, of Columbia University, and Bilmes, of Harvard, report the two wars will have cost the US budget $845 billion dollars by next September 30, end of fiscal year 2008, assuming Congress fully funds Bush administration requests.
That counts not just military operations, but embassy costs, reconstruction and other war-related expenses.
These numbers don't include the war's cost to the rest of the world.
In Iraq itself, the 2003 US-led invasion - with its devastating air bombardments - and the looting and arson that followed, severely damaged electricity and other utilities, the oil industry, countless factories, hospitals, schools and other underpinnings of an economy.
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