Iraq + Afghanistan=$2.4 Trillion

post from Daily Kos on 24 October 2007 06:07:19 PM. © Daily Kos

The U.S. wars in Iraq and Afghanistan could cost taxpayers a total of $2.4 trillion by 2017 when counting the huge interest costs because combat is being financed with borrowed money, according to a study released on Wednesday.

With President George W. Bush indicating a large contingent of U.S. troops likely will be engaged in Iraq and Afghanistan for many years to come, the nonpartisan Congressional Budget Office estimated the total tab for the wars from 2001 through 2017.
CBO estimated that interest costs alone from 2001-2017 could total more than $700 billion.

Congress has already appropriated $604 billion for the wars in Afghanistan and Iraq. To estimate future spending, the nonpartisan CBO [pdf] used two scenarios of troop strength in theater. In the first, the US would still have 30,000 troops in Afghanistan and Iraq in 2010. In the other, in 2013 we would still be deploying 75,000 troops in the two countries. With 75,000 troops still deployed in 2013, the costs through 2017 including interest are $2.4 trillion.

Here are a few figures to put this estimate in perspective.

In 2007, total expected federal tax revenues are expected to be $2,577 trillion [pdf].

At $2.4 tillion, the cost is now estimated at $2.35 trillion more than was promised by George W. Bush at the start of the war. The new estimate is 48 times greater than Bush promised the war would cost Americans.

The cost works out to almost $8,000 for every man, woman and child in America.

Want to know what other priorities we could fund if we diverted the money away from funding the war? Check out the National Priorities Project.