The Three Trillion Dollar War
The Bush administration has spent a lot of money in Iraq since White House economic adviser Lawrence Lindsey was fired in 2002 for daring to predict the war might cost as much as $200 billion. An estimate issued last August by the Congressional Budget Office suggested the war will have cost at least $1 trillion before it's over. A September report (PDF) by the Democratic staff of Congress's Joint Economic Committee pegged the cost at $1.3 trillion. Now a new book by a Harvard professor and a Nobel Prize winner in economics claims the true cost could be more than twice that—as high as $3 trillion dollars. If you wanted to pay that off with a single wad of $1,000 bills, your billfold would have to be almost 240 miles wide.