CNN: Price of Iraq war 10 times pre-war predictions
When President Bush's emergency supplemental funding request is granted by Congress in the coming weeks, the cost of the Iraq War will reach ten times its original projected cost of $50-60 billion, CNN reports.
At what will soon be a total tab of $576 billion, the Iraq war is second in cost only to World War II. According to CNN's report, every minute troops are deployed in Iraq, the American public pays $200,000 to keep them there. Since the money is not allocated by Congress as part of the regular budget, there is little oversight of how it is spent and Billions of dollars remain unaccounted for in Iraq as the costs continue to mount.
"There's even funding that the Congressional Research Service and the Congressional Budget Office identify that they don't have any idea where the funding went," Says Travis Sharp of the Arms Control and Non-Proliferation Center. "They don't know if it went for weapons systems, they don't know if it was operating costs in Iraq and Afghanistan."
Additionally, the current conflict is the first in American history not to be paid for in real time. President Roosevelt raised funds for the Second World War by selling war bonds and Americans paid higher taxes throughout the Vietnam era. The Bush administration, however, is well known for its propensity to cut taxes and increase spending.
"Americans have not paid higher taxes to pay for this war, in fact we've had a tax cut, nor have we seen a reduction in domestic spending" Says Robert Hormats of Goldman Sachs, author of The Price of Liberty, a new book examining the history of American military funding. "We've in effected shifted the cost of this war to future generations."
Though 65% of the American public now opposes United States involvement in Iraq according to CNN's poll, Congress still shows no signs of significantly reducing its military or domestic spending and President Bush has stated time and again his opposition to raising taxes.
The following video is from CNN's Your World Today, broadcast on November 2, 2007.