Joseph E Stiglitz/Linda J Bilmes: The Three Trillion Dollar War

Joseph E Stiglitz/Linda J Bilmes: The Three Trillion Dollar War: The True Cost of the Iraq Conflict (2008, WW Norton)

Also in Feb. 27 Wichita Eagle, a piece by Kevin G. Hall (McClatchy Newspapers) called "Highest cost of war yet to come", about the new book, The Three Trillion Dollar War, by Joseph Stiglitz and Linda Bilmes. Note the White House response:

The White House doesn't care for the estimates by Stiglitz, a former chief economist of the World Bank who's now a professor at Columbia University.

"People like Joe Stiglitz lack the courage to consider the cost of doing nothing and the cost of failure. One can't even begin to put a price tag on the cost to this nation of the attacks of 9/11," said White House spokesman Tony Fratto, conceding that the costs of the war on terrorism are high while questioning the premise of Stiglitz's research.

"It is also an investment in the future safety and security of Americans and our vital national interests. $3 trillion? What price does Joe Stiglitz put on attacks on the homeland that have already been prevented? Or doesn't his slide rule work that way?"

Courage? That seems all the more kneejerk because it has no conceivable relevance, unless Fratto means his dogged conviction to ignore the consequences of the war regardless of cost. I have no idea how to calculate the "cost of failure," but if such were possible Stiglitz should add it to his $3 trillion baseline, because failure is one of the few things that seems assured.

The "cost of doing nothing" is more hypothetical because we didn't do nothing. What would have happened had we not responded to 9/11 with Bush's Crusade is open to debate, but whatever it is would have to be gauged against the $3 trillion baseline -- Stiglitz's scenarios go up to $7 trillion, and he probably hasn't factored in the full 100 years McCain is hoping for.

posted 2008-02-29