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The true cost of the Iraq war: $3 trillion and beyond

“This was the first time in American history that the government cut taxes as it went to war. The result: a war completely funded by borrowing. U.S. debt soared from $6.4 trillion in March 2003 to $10 trillion in 2008 (before the financial crisis); at least a quarter of that increase is directly attributable to the war. And that doesn’t include future health care and disability payments for veterans, which will add another half-trillion dollars to the debt. As a result of two costly wars funded by debt, our fiscal house was in dismal shape even before the financial crisis — and those fiscal woes compounded the downturn.”

Posted 9:05PM, Tue, Sep 07 2010 in Iraq · Politics 0 Comments below