Financial cost of the 2003 Iraq Conflict
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This is an accounting of the financial costs of the Iraq War by the various Coalition countries.
[edit] U.S. war costs
As of September 29, 2006, over $379 billion has been allocated by the U.S. Congress for the Iraq war.[1] Over $360 billion has been spent as of January 22, 2007.[2]
- FY2003 Supplemental: Operation Iraqi Freedom: Passed April 2003; Total $78.5 billion, $54.4 billion Iraq War
- FY2004 Supplemental: Iraq and Afghanistan Ongoing Operations/Reconstruction: Passed November 2003; Total $87.5 billion, $70.6 billion Iraq War
- FY2004 DoD Budget Amendment: $25 Emergency Reserve Fund (Iraq Freedom Fund): Passed July 2004, Total $25 billion, $21.5 billion(estimated) Iraq War
- FY2005 Emergency Supplemental: Operations in the War on Terror; Activities in Afghanistan; Tsunami Relief: Passed April 2005, Total $82 billion, $58 billion(estimated) Iraq War
- FY2006 Department of Defense appropriations: Total $50 billion, $40 billion(estimated) Iraq War.
- FY2006 Emergency Supplemental: Operations Global War on Terror; Activities in Iraq & Afghanistan: Passed February 2006, Total $72.4 billion, $60 billion(estimated) Iraq War
- FY2007 Department of Defense appropriations: Total $70 billion, $59.5 billion(estimated) Iraq War[3][4]
- FY2008 Bush administration has proposed around $100 billion for the Iraq War
The current rate of U.S. expenditure in Iraq is approximately $6.4 billion a month.[5]
Another cost to the U.S. economy is the increase in cost of oil since the start of the war. For gasoline alone over the 4 years of the war the cost would be approximately $365 billion, base on daily consumption of 385 million gallons per day and and average cost increase over the 4 years of $.60 per gallon.
Joseph Stiglitz, former chief economist of the World Bank and winner of the Nobel Prize in Economics, has suggested the total costs of the Iraq War on the US economy will be $1 trillion in a conservative scenario and could top $2 trillion in a moderate one.[6] The Congressional Research Service recently estimated weekly spending at almost $2 billion per week, and that total expenditures have now topped half a trillion dollars.[7] Additionally, the extended combat and equipment loss have placed a severe financial strain on the U.S Army, causing the elimination of non-essential expenses such as travel and civilian hiring.[8][9]
[edit] U.K. war costs
As of March 2006, approximately £4.5 billion had been spent by the United Kingdom in Iraq. All of this money has come from a government fund called the "Special Reserve" which has a current allocation of £7.4 billion.[10][11]
It is not known how much more money has been spent by other members of the coalition; however, the US's share of the cost is by far the largest.
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[edit] References
- ^ Senate, 100-0, Approves Budget for Pentagon. New York Times (2006-09-29). Retrieved on 2006-09-29.
- ^ "National Priorities Project - Cost of War".
- ^ http://costofwar.com/numbers.html
- ^ Congressional Reports: Cost of Iraq, Afghanistan since 9/11. zFacts.org (2006-04-24). Retrieved on 2006-08-15.
- ^ "U.S. Annual War Spending Grows". By David Rogers. Wall Street Journal. March 8, 2006.
- ^ Linda Bilmes; Joseph Stiglitz (2006). THE ECONOMIC COSTS OF THE IRAQ WAR: AN APPRAISAL THREE YEARS AFTER THE BEGINNING OF THE CONFLICT. National Bureau of Research. Retrieved on 2006-08-15.
- ^ "Cost of Iraq war nearly $2b a week", Boston Globe, 2006-09-28. Retrieved on 2006-09-28.
- ^ "Strapped for money, Army extends cutbacks on spending", USA Today, 2006-07-20. Retrieved on 2006-08-15.
- ^ Michael Hirsh. "End of Days?", Newsweek, 2006-07-21. Retrieved on 2006-08-15.
- ^ The Rising Costs of the Iraq War (March 2006). IraqAnalysis.org (2006-03-22). Retrieved on 2006-08-15.
- ^ U.K. Spending on War in Iraq, Afghanistan Rises to $16 Bln (December 2006). Bloomberg (2006-12-06). Retrieved on 2007-01-22.
