Word: trillion
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...even given the uncertainty over the case for invasion, more academics could still have gone public with analysis about what might happen after Baghdad was won, said Linda J. Bilmes ’80, a lecturer at the Kennedy School and the author of “The Three Trillion Dollar War: The True Cost of the Iraq Conflict...
...trillion estimate is not without its critics, including University of Chicago economist Steven J. Davis. In an interview, he rejected the claim that the war caused a five to ten dollar per barrel increase in oil prices, citing evidence to the contrary from historical price shocks such as the first Gulf War and the Iran-Iraq...
...students who have gathered to honor our veterans and to commemorate the dead, the student body has in general managed to ignore these tragic developments. But the war will eventually affect the life of every student, because it is this current generation that will end up paying the $3 trillion bill...
...Taken together, these hidden costs to the federal government are likely to amount to nearly $3 trillion in today’s money. Who will pay this enormous price tag? Because all the money spent has been borrowed, most of the costs have been deferred. Students who have paid too little attention today are going to wake up in a few years to find their tax rates hiked or their government entitlements curbed as the full price of what we have done is presented by our creditors overseas...
...Linda J. Bilmes ’80, a former assistant secretary of commerce, teaches public finance at the Harvard Kennedy School of Government. She is coauthor (with Nobel laureate Joseph Stiglitz) of “The Three Trillion Dollar War: The True Cost of the Iraq Conflict...