Fact Check: Iraq war cost the U.S. roughly three trillion dollars.

Fact Check: "Iraq war cost the U.S. roughly three trillion dollars."

What We Know

The claim that the Iraq War cost the United States approximately three trillion dollars is supported by multiple credible sources. According to a comprehensive analysis by Joseph Stiglitz and Linda Bilmes, the total cost of the Iraq War, including both direct and indirect expenses, is estimated to be around $3 trillion (The True Cost of the Iraq War: $3 Trillion and Beyond). This figure encompasses military expenditures, reconstruction costs, and long-term care for veterans.

The authors highlight that their estimate significantly exceeds earlier projections made by the Bush administration, which anticipated costs between $50 billion and $60 billion (The Three Trillion Dollar War: the Real Cost of The Iraq Conflict). Their analysis also considers future obligations, such as veteran care, which contribute substantially to the total cost.

Additionally, the Costs of War Project at Brown University corroborates this figure, indicating that the long-term costs associated with the Iraq War, including medical care for veterans and interest on borrowed funds, push the total financial impact to around $3 trillion as well.

Analysis

The reliability of the sources supporting this claim is strong. The work of Stiglitz and Bilmes is published by reputable academic institutions and has undergone peer review, lending credibility to their findings. Stiglitz, a Nobel Prize-winning economist, and Bilmes, a former chief financial officer of the U.S. Department of Commerce, provide a well-researched perspective on the economic implications of the Iraq War (The Three Trillion Dollar War: The True Cost of the Iraq ...).

Moreover, the Costs of War Project, which is an initiative of Brown University, is widely regarded as a reliable source for information on the financial and human costs of U.S. military engagements. Their data is frequently cited in academic and policy discussions, reinforcing the validity of their estimates (Costs of the U.S.-Led War in Iraq Since 2003).

While some sources may present lower estimates, they often do not account for the long-term costs associated with veteran care and interest on war-related debt, which are critical components of the overall financial burden (The Three Trillion Dollar War: The True Cost of the Iraq ...). Therefore, the $3 trillion figure is not only plausible but also supported by a consensus among credible economists and researchers.

Conclusion

Verdict: True
The claim that the Iraq War cost the U.S. roughly three trillion dollars is substantiated by credible research and analysis from reputable sources. The comprehensive estimates provided by Stiglitz and Bilmes, along with corroborating data from the Costs of War Project, confirm that the total financial impact of the Iraq War on the U.S. economy is indeed around $3 trillion.