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$380,000 for Every Extra Minute

From a New York Times column (subscription required) by Nicholas Kristof:

In the run-up to the Iraq war, Donald Rumsfeld estimated that the overall cost would be under $50 billion. Paul Wolfowitz argued that Iraq could use its oil to "finance its own reconstruction."

But now several careful studies have attempted to tote up various costs, and they suggest that the tab will be more than $1 trillion -- perhaps more than $2 trillion. The higher sum would amount to $6,600 per American man, woman and child.

"The total costs of the war, including the budgetary, social and macroeconomic costs, are likely to exceed $2 trillion," Joseph Stiglitz, the Nobel-winning economist at Columbia, writes in an updated new study with Linda Bilmes, a public finance specialist at Harvard. Their report has just appeared in the Milken Institute Review, as an update on a paper presented earlier this year.

Just to put that $2 trillion in perspective, it is four times the additional cost needed to provide health insurance for all uninsured Americans for the next decade. It is 1,600 times Mr. Bush's financing for his vaunted hydrogen energy project...

We still face the choice of whether to remain in Iraq indefinitely or to impose a timetable and withdraw U.S. troops. These studies suggest that every additional year we keep our troops in Iraq will add $200 billion to our tax bills.

My vote would be to spend a chunk of that sum instead fighting malaria, AIDS and maternal mortality, bolstering American schools, and assuring health care for all Americans. We're spending $380,000 for every extra minute we stay in Iraq, and we can find better ways to spend that money.

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