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.