Iraq: Surpassing the Costs of World War I
I've made countless references to World War I and Wilsonianism in my blogging at L&P. Today's parallel comes via the Mises Economics Blog (thanks Jeff Tucker) and FEE. Check out a fine article on the"War Boom," which appeared in Monday's Washington Post. Of particular interest is this reality:
In inflation-adjusted terms, the war's cost will surpass the United States' $199 billion share of World War I sometime next year. Coming on top of three major tax cuts, that spending will drive the federal budget deficit to more than $400 billion this year. That borrowing will eventually have to be repaid in higher taxes or reduced government services and benefits.
I'm so happy that Bush campaigned last time as a"fiscal conservative." Let's see what new euphemisms the administration can invent for"fiscal irresponsibility" as the 2004 campaign takes shape.
comments powered by Disqus
- Economist disputes Nial Ferguson's claim that the Fed is to blame for the stock market’s volatility
- Hero Marine Dad Will Unleash Hell Itself If Daughter’s World History Class Says Muslims Are Real
- Historians Against the War joins peace activists in pressing Congress to support a diplomatic solutions to conflict with Iran over nukes
- Despite new hires, Yale history department retains vacancies
- African-American Professor: Reagan Did More To Help Black Education Than Obama