I Thought Conservatives Worried About Costs ....

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The LA Times has an eye-opening opinion piece titled War's stunning price tag:

By Linda Bilmes and Joseph Stiglitz
LAST WEEK, at the annual meeting of the American Economic Assn., we presented a new estimate for the likely cost of the war in Iraq.

Like the iceberg that hit the Titanic, the full costs of the war are still largely hidden below the surface. Our calculations include not just the money for combat operations but also the costs the government will have to pay for years to come. These include lifetime healthcare and disability benefits for returning veterans and special round-the-clock medical attention for many of the 16,300 Americans who already have been seriously wounded. We also count the increased cost of replacing military hardware because the war is using up equipment at three to five times the peacetime rate. In addition, the military must pay large reenlistment bonuses and offer higher benefits to reenlist reluctant soldiers. On top of this, because we finance the war by borrowing more money (mostly from abroad), there is a rising interest cost on the extra debt.

We conclude that the economy would have been much stronger if we had invested the money in the United States instead of in Iraq.

Thinking back to the months before the war, there were few reasons to invade quickly, and many to go slow. The Bush policy of threatened force had pressured Iraq into allowing the U.N. inspectors back into the country. The inspectors said they required a few months to complete their work. Several of our closest allies, including France and Germany, were urging the U.S. to await the outcome of the inspections. There were, as we now know, conflicting intelligence reports.

Had we waited, the value of the information we would have learned from the inspectors would arguably have saved the nation at least $1 trillion — enough money to fix Social Security for the next 75 years twice over.

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So what makes these people experts to go throwing around figures like this? OOOoopss!!! I just read the last line:

LINDA BILMES, a former assistant secretary of Commerce, teaches public finance at the Kennedy School of Government at Harvard. JOSEPH STIGLITZ is a professor at Columbia University. He won the Nobel Prize in economics in 2001.