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Democrats released a report Tuesday saying that a prolonged military presence in Iraq could result in costs of $3.5 trillion through 2017. The report, a product of the majority staff of the Joint Economic Committee, puts the cost of the war to the average family of four at $16,500 to this point. Committee Chairman Sen. Charles Schumer (D-N.Y.) said the cost of the war cannot be measured simply by adding up the various supplemental appropriations bills. The senator added that other costs that must be considered include those resulting from “excessive borrowing, the instability in world oil markets, the future care of injured veterans, the necessary retooling of our military” and others.
House Majority Leader Steny Hoyer (D-Md.) said the costs of the war, both in “blood and treasure,” are “hard to even fathom.” “President Bush said this war would cost $50 billion to $60 billion,” Hoyer said. “Lawrence Lindsey, then the top White House economic adviser, had the audacity to say it could cost $200 billion. And for his candor, Lindsey was shown the door. Today’s report shows that the true cost of this war will be many times greater than even Larry Lindsey could have predicted.” The White House dismissed the report. “This committee is known for being partisan and political,” said White House spokeswoman Dana Perino. “They did not consult or cooperate with the Republicans on the committee. And so I think it is an attempt to muddy the waters on what has been some positive developments being reported out of Iraq.” However, Israel Klein, the committee’s spokesman and deputy staff director, rejected the White House criticism. “Instead of dealing with the substance of this report, the White House is once again trying to deflect attention away from the blistering costs of this war in Iraq,” he said. “This report uses the non-partisan CBO budget estimates and was prepared by the JEC’s professional economists using the same process this committee has always used, regardless of which party is in the majority.” Hoyer said the report shows that it is time for a “responsible redeployment” of U.S. troops. The $3.5 trillion figure assumes that the level of troops in Iraq will be reduced from 210,000 this year to 75,000 by 2013 and then remain at that level through 2017. |
