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C.B.O. says the wars in Iraq and Afhanistan will cost......

techs

techs

Lifer
http://news.yahoo.com/s/nm/200...nm/iraq_usa_funding_dc

U.S. CBO estimates $2.4 trillion long-term war costs Wed Oct 24, 1:17 PM ET


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.

So far, Congress has given Bush $604 billion for the two wars, with about $412 billion spent in Iraq, according to CBO, which is Congress' in-house budget analyst. In Iraq alone, the United States is spending about $11 billion a month, with costs escalating.

Bush is seeking another $196 billion for combat in Iraq and Afghanistan through September 30 and Congress is expected to debate that request over the next few months.

CBO estimated that between 2008 and 2017, the wars could cost slightly more than $1 trillion, assuming overall troop strength is cut to 75,000 by 2013.

Currently, there are about 170,000 U.S. troops in Iraq and another 26,000 in Afghanistan.

Finance charges for the money already spent on the war will total $415 billion from 2001 to 2017, according to CBO. For the next decade, "interest outlays would increase by a total of $290 billion over that 10-year period," CBO told the House Budget Committee, which is reviewing long-term war costs.

"To put it all on our credit cards with no accountability, with no plan to pay for it, I think is the height of irresponsibility," said Rep. James McGovern, a Massachusetts Democrat who serves on the budget panel and is an outspoken war critic. "It will be just one more toxic legacy of this disastrous war we will have to leave our kids to clean up."

With national elections about a year away and public discontent with the Iraq war running deep, Democrats are highlighting the huge costs of the Iraq war as they seek $22 billion more than Bush wants for domestic social programs such as health care and education.

Bush has vowed to veto the added funding.

CBO estimated that of the $2.4 trillion long-term price tag for the war, about $1.9 trillion of that would be spent on Iraq



Remind me again how much the Bushies said it would cost?
I am guessing that Bushes estimate was the absolute worst estimate for anything, ever.
Another record for Bush!

Oh yeah, notice the costs are still going UP.
 
2.4 Trillion? We could have just put half that on OBL's head, and I bet even al-Zawahiri would have turned him in.
 
Pretty messed up to see Bush still requesting money to throw away in Iraq, yet vetoing a $35 billion (barely over one hundredth the cost) expansion of SCHIPs coverage for lower income kids...

Edit: In fact, the current budget request by Bush for Iraq is $48 billion: nearly 50% more than the SCHIPs expansion he found so necessary to veto.
 
I see how you cite CBO, but you and your breathern dont care to look at their numbers on medicare and ss, which explain why Universial healthcare isnt feasible at this point(TennCare, ie: HilaryCare 1.0, also explains that as well...). Or why medicare is goingto bankrupt this country not Bush or the war...
 
Originally posted by: Wreckem
I see how you cite CBO, but you and your breathern dont care to look at their numbers on medicare and ss, which explain why Universial healthcare isnt feasible at this point(TennCare, ie: HilaryCare 1.0, also explains that as well...). Or why medicare is goingto bankrupt this country not Bush or the war...
Click to expand...

I said nothing whatsoever about universal healthcare: I referred specifically to the $35 billion (over five years) SCHIPs expansion.



And on a sidenote, I don't see how you can claim medicare is going to bankrupt this country and not Bush/the Iraq war: the 2.4 trillion was totally unnecessary, while medicare, regardless of anyone's opinion of whether it is effective or worthwhile, does at the very least save costs (i.e. without Medicare healthcare costs otherwise would rise to take its place, whereas the Iraq War isn't saving us any spending in any other areas).


But go ahead, continue to try to justify Bush pissing away $2.4 trillion dollars to make our county less secure (by angering extremists and fueling their conversion efforts) by arguing that non-existent universal healthcare will bankrupt the country. 😕

 
Originally posted by: ZebuluniteV
Originally posted by: Wreckem
I see how you cite CBO, but you and your breathern dont care to look at their numbers on medicare and ss, which explain why Universial healthcare isnt feasible at this point(TennCare, ie: HilaryCare 1.0, also explains that as well...). Or why medicare is goingto bankrupt this country not Bush or the war...
Click to expand...

I said nothing whatsoever about universal healthcare: I referred specifically to the $35 billion (over five years) SCHIPs expansion.



And on a sidenote, I don't see how you can claim medicare is going to bankrupt this country and not Bush/the Iraq war: the 2.4 trillion was totally unnecessary, while medicare, regardless of anyone's opinion of whether it is effective or worthwhile, does at the very least save costs (i.e. without Medicare healthcare costs otherwise would rise to take its place, whereas the Iraq War isn't saving us any spending in any other areas).


But go ahead, continue to try to justify Bush pissing away $2.4 trillion dollars to make our county less secure (by angering extremists and fueling their conversion efforts) by arguing that non-existent universal healthcare will bankrupt the country. 😕
Click to expand...

Uh, because Medicare will have $50TRILLION in unpaid liabilities. SS will have a round $5trillion.

The CBO has already stated Medicare+SS will take up 75% of the countries budget in the not so distance future. Add in interest on debt, and there will only be 15-18% for discretionary spending by around 2030 IIRC.

So, while Iraq may be a waste of money, it will not bankrupt this country, Medicare(and SS) will if nothing is done. And this is exactly why Universial Healthcare cannot work in the country at this moment. We cannot afford healthcare for the eldery, let alone the entire population.

Go ahead say tax increases will cover it. Taxes would have to be jacked THROUGH the ROOF to cover medicare and social security. It will be interesting how everything unfolds.

Dave is always talking about a revolution, IMHO this is the only issue of our time that could have the ability to cause such an event. It would be a generational not political thing. Those on the govt tet(seniors), vs those that have to pay for it(it being the huge mistake of LBJ and successive admins/congress).

Do people honestly think my generation will sit idlely by paying exorbanent taxes while retirees who racked up the excessive amounts of debt/unpaid liabilites do nothing to contribute to society.

Medicare and Medicare alone is the issue of our time. What the politicians do in the next 10 years will have a huge impact on what happens.

Odds are they will do nothing. The only presidential candidate that mentions Medicare is that nutjob Ron Paul. And his plan to get rid of it isnt a realistic option given the demographics. Hell we can't even get a fix for SS...
 
Originally posted by: Wreckem
Originally posted by: ZebuluniteV
Originally posted by: Wreckem
I see how you cite CBO, but you and your breathern dont care to look at their numbers on medicare and ss, which explain why Universial healthcare isnt feasible at this point(TennCare, ie: HilaryCare 1.0, also explains that as well...). Or why medicare is goingto bankrupt this country not Bush or the war...
Click to expand...

I said nothing whatsoever about universal healthcare: I referred specifically to the $35 billion (over five years) SCHIPs expansion.



And on a sidenote, I don't see how you can claim medicare is going to bankrupt this country and not Bush/the Iraq war: the 2.4 trillion was totally unnecessary, while medicare, regardless of anyone's opinion of whether it is effective or worthwhile, does at the very least save costs (i.e. without Medicare healthcare costs otherwise would rise to take its place, whereas the Iraq War isn't saving us any spending in any other areas).


But go ahead, continue to try to justify Bush pissing away $2.4 trillion dollars to make our county less secure (by angering extremists and fueling their conversion efforts) by arguing that non-existent universal healthcare will bankrupt the country. 😕
Click to expand...

Uh, because Medicare will have $50TRILLION in unpaid liabilities. SS will have a round $5trillion.

The CBO has already stated Medicare+SS will take up 75% of the countries budget in the not so distance future. Add in interest on debt, and there will only be 15-18% for discretionary spending by around 2030 IIRC.

So, while Iraq may be a waste of money, it will not bankrupt this country, Medicare(and SS) will if nothing is done. And this is exactly why Universial Healthcare(that and TennCare) cannot work in the country at this moment. We cannot afford healthcare for the eldery, let alone the entire population...
Click to expand...

I seem to recall Bush and the Republi-crooks passing a huge Medicare Drug benefit and then forgetting to figure out how to fund it.
 
Originally posted by: techs
Originally posted by: Wreckem
Originally posted by: ZebuluniteV
Originally posted by: Wreckem
I see how you cite CBO, but you and your breathern dont care to look at their numbers on medicare and ss, which explain why Universial healthcare isnt feasible at this point(TennCare, ie: HilaryCare 1.0, also explains that as well...). Or why medicare is goingto bankrupt this country not Bush or the war...
Click to expand...

I said nothing whatsoever about universal healthcare: I referred specifically to the $35 billion (over five years) SCHIPs expansion.



And on a sidenote, I don't see how you can claim medicare is going to bankrupt this country and not Bush/the Iraq war: the 2.4 trillion was totally unnecessary, while medicare, regardless of anyone's opinion of whether it is effective or worthwhile, does at the very least save costs (i.e. without Medicare healthcare costs otherwise would rise to take its place, whereas the Iraq War isn't saving us any spending in any other areas).


But go ahead, continue to try to justify Bush pissing away $2.4 trillion dollars to make our county less secure (by angering extremists and fueling their conversion efforts) by arguing that non-existent universal healthcare will bankrupt the country. 😕
Click to expand...

Uh, because Medicare will have $50TRILLION in unpaid liabilities. SS will have a round $5trillion.

The CBO has already stated Medicare+SS will take up 75% of the countries budget in the not so distance future. Add in interest on debt, and there will only be 15-18% for discretionary spending by around 2030 IIRC.

So, while Iraq may be a waste of money, it will not bankrupt this country, Medicare(and SS) will if nothing is done. And this is exactly why Universial Healthcare(that and TennCare) cannot work in the country at this moment. We cannot afford healthcare for the eldery, let alone the entire population...
Click to expand...

I seem to recall Bush and the Republi-crooks passing a huge Medicare Drug benefit and then forgetting to figure out how to fund it.
Click to expand...

The has NOTHING to do with Medicares problem. It contributes very little to that $50trillion in unpaid liabilities. Medicares problem is demographics. Like SS but 100X's worse. Id mention something about medicare doesnt get much allotted to it from FICA, but uh, who are we kidding, everything goes into general revenune, and everything is paid for by general revenue...

And dems need to stop using Medicare Part D against the republicans. Their competing bill was just as costly... IIRC Bush and the GOPs original estimates ere $350billion, later it became $500billion, its now somwhere around $750billion. The dems plan was $800billion. Little do we all forget. And where was the money going to come from? Where everything comes from the govt's general revenue and debt. So its quite the misnomer when you say they dont know where its goingto come from.

Try again...
 
Originally posted by: senseamp
I guess CBO hasn't gotten the neocon memo that Iraq war will pay for itself.
Click to expand...

Exactly! Iraqi oil revenue will pay for the war. At least that's what I heard early on. So now maybe it was just another lie.
 
Not surprising considering Bush Sr. is on the Board of Directors of the Caryle Group, the largest investors in defense in the world.
 
Originally posted by: Narmer
Not surprising considering Bush Sr. is on the Board of Directors of the Caryle Group, the largest investors in defense in the world.
Click to expand...

Yeah and who else is/was affilated with them? #1 financier for the Democratic Party and Leftists Worldwide... George Soros...

Two can play at this game...

Oh and Bush does not currently set on the board. He left in 2003 IIRC.
 
That estimate is as wildly in accurate as the one before the war that it would cost in the $50-60B range very possibly. Nobody can possibly say what the situation will be in 10 years and how much it will cost. It's pure, 100% baseless conjecture.
 
Originally posted by: Wreckem
Originally posted by: Narmer
Not surprising considering Bush Sr. is on the Board of Directors of the Caryle Group, the largest investors in defense in the world.
Click to expand...

Yeah and who else is/was affilated with them? #1 financier for the Democratic Party and Leftists Worldwide... George Soros...

Two can play at this game...

Oh and Bush does not currently set on the board. He left in 2003 IIRC.
Click to expand...

You make it sound as if these people are on opposing sides. Different sides of the same coin. lol. They want you to think that. The game is rigged and we're left paying the bill.
 
Originally posted by: Skoorb
That estimate is as wildly in accurate as the one before the war that it would cost in the $50-60B range very possibly. Nobody can possibly say what the situation will be in 10 years and how much it will cost. It's pure, 100% baseless conjecture.
Click to expand...

Maybe not baseless but it is a projection always subject to on-going revisions depending upon future circumstances. CBO projections are actually quite good - especially out 5 years or so . . .

What's really, really sad is that with a reasonable Federal budget over the last six years, even with a moderate tax cut, we could be working the Federal debt principle substantially off the books! Instead - the Federal debt priniple is over $9 trillion and interest on the Federal debt will be approaching $450 Billion a year by 2012.

Thanks, Dubs!
 
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