How Would You Spend $6 Trillion?

A new Senate bill would require dramatic cuts in climate-changing greenhouse pollution. President Bush is threatening to veto the Senate climate change bill, claiming that it “would impose roughly $6 trillion in new costs on the American economy.”

Never mind the fact that Bush ignores the costs of climate change, and never mind the fact that Bush offers no basis in reality for the figure. Let's consider this six trillion dollar figure.

Nobel Laureate Joseph Stiglitz and Harvard economist Linda Bilmes put the true cost of the US invasion and occupation of Iraq at $3 trillion so far. Factoring in other costs like the interest on debt, future US borrowing for war expenses, the ongoing cost of a continued military presence in Iraq and lifetime health-care and counseling for veterans, they project that the wars are likely to cost between $5 trillion and $7 trillion.

Does anyone remember when Donald Rumsfeld assured us that Iraq's own financial resources would offset the cost of the war? Paul Wolfowitz went so far as to say that "We are dealing with a country that can really finance its own reconstruction.” Near the end of 2002, the Bush administration estimated the total cost of the war would be about $50 billion to $60 billion.

They were wrong by a factor of 100.

This administration estimated that the war would only cost you, personally, $200.00, then ran up a bill on your account. Whether you are a retiree, a student, a working adult or a young child, you now owe $20,000.00 to pay for Bush's wars.

President Bush took office in a climate of cautious economic optimism centered on the possibility of restoring national solvency. But five years of war has taken its toll in countless ways. Looking merely at the fiscal impact, Rhode Island Senator Sheldon Whitehouse compared Bill Clinton's budgets with the budgets of George W. Bush and found that the Bush deficit amounts to $7.7 trillion dollars. Notice that this figure is roughly consistent with expert estimates of the eventual total cost of the wars.

Hmm. That alleged "$6 trillion" that Bush doesn't want to spend to slow down global warming? I suppose the Republicans have wiser ways to spend it. McCain might need it to "Bomb, bomb, bomb, bomb, bomb Iran." Even Hillary Clinton might need that cash so she can "totally obliterate" Iran.

Look around, America. How would you like to spend it?