Iraq: Surpassing the Costs of World War I
I've made countless references to World War I and Wilsonianism in my blogging at L&P. Today's parallel comes via the Mises Economics Blog (thanks Jeff Tucker) and FEE. Check out a fine article on the"War Boom," which appeared in Monday's Washington Post. Of particular interest is this reality:
In inflation-adjusted terms, the war's cost will surpass the United States' $199 billion share of World War I sometime next year. Coming on top of three major tax cuts, that spending will drive the federal budget deficit to more than $400 billion this year. That borrowing will eventually have to be repaid in higher taxes or reduced government services and benefits.comments powered by Disqus
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