The Economics of the Iraqi War
This article, raises an interesting point that I’d like to extrapolate on. The article argues this: The U.S. government has spent “more than half-a-trillion dollars” in support of the war effort, while that money could be spent on pressing needs in this country, he said. Economy Sagging Due to Iraq War? – TIME The article [...]Published April 12, 2008
Photography introduced me to the 'new media' evolution. I currently do community management at The U.S. government has spent “more than half-a-trillion dollars” in support of the war effort, while that money could be spent on pressing needs in this country, he said.Economy Sagging Due to Iraq War? – TIME The article goes on to present poll results stating that 68% of the American people think that withdrawing from Iraq would help the countries economic troubles. The argument is fairly convincing. Especially considering that the US annual budget is now over $3 trillion, and the US GDP is now $13.13 trillion. The point is well made that this war has had significant negative impact on the US economy. This is the point that I’d like to dwell on. Historically, wars have been good for the US economy. They’ve sparked economic mobilization, technological advances, and increased economic output. Now, I’m not sure if this holds true for the Vietnam War (I suspect it does, but I cannot find anything to back it up). It certainly holds true for:
- The Revolutionary War
- The War of 1812
- The Civil War
- World War I
- World War II
- The Korean War
- The Gulf War