Iraq War Costs Expected to Challenge WWII

World War II is widely rememberd as the most expensive war ever fought by the United States. In constant dollars, World War II's portion of our nation's GDP reached 35.8% at its height, and ultimately cost a staggering $4.1 trillion in FY2011 dollars. Many have long thought that, short of a feared WWIII, it would hardly be likely that today's unconventional wars could approach such costs. However, a recent report has found that, when it is all said and done, the war in Iraq will end up costing more, in constant FY2011 dollars, than even WWII.

University of Columbia economist Joseph Stiglitz and Harvard University budget expert Linda Bilmes estimate the final cost of the Iraq war could eventually reach $4 - 6 trillion dollars. This massive outlay includes, among other things, the cost of repairing and replacing worn out equipment, the cost of the military operations themselves and the decades long costs of medical and disability claims; as well as the treatment of not only the over 32,000 US veterans physically wounded in battle to date - but also those suffering post traumatic stress syndrome as well. Now, even though the actual cost of the war in Iraq is to date roughly $800 billion, and, moreover, it has never come close to equalling the percentage of GDP absorbed by WWII, one of the more troubling aspects of the war is that unlike during and following WWII, when Americans sacrificed at home to fund the war, much of the cost of the Iraq war has yet to be paid.