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Bush Aide says Iraq War May Reach $200 Billion

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NEW YORK (Reuters) - President Bush's chief economic adviser estimates that the U.S. may have to spend between $100 billion and $200 billion to wage an Iraq war, but doubts hostilities would push the nation into recession or sustained inflation, The Wall Street Journal reported Monday.

Lawrence Lindsey, head of the White House's National Economic Council, projected the "upper bound" of war costs at between 1 percent and 2 percent of gross domestic product, the Journal reported.

With the U.S. GDP at about $10 trillion per year, that translates into a one-time cost of $100 billion to $200 billion, according to the Journal article. That is considerably higher than a preliminary, private Pentagon estimate of about $50 billion, according to the Journal.

In an interview in his White House office, Lindsey dismissed the economic consequences of such spending, saying it would not have an appreciable effect on interest rates or add much to the federal debt, which is already about $3.6 trillion, the Journal reported.

At the same time, he doubted that the additional spending would give the economy much of a lift, according to the Journal.

Other administration economists say that their main fear is that an Iraq war could lead to a sustained spike in prices, according to the Journal.

The past four recessions have been preceded by the price of oil jumping to above $30 a barrel, the Journal reported, citing BCA Research.com in Montreal.

But the White House believes that removing Iraqi oil from production during a war -- which would likely lead to a short-term rise in prices -- would be insufficient to tip the economy into recession.

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Originally posted by sassa

then i guess education, healthcare, social security funds,and agriculture are poor investments?

What's it worth if the U.S. will be a crater if we don't stop him. What did you people forget that we are at waR???

Did you guys forget there is hole where the WTC stood

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then i guess education, healthcare, social security funds,and agriculture are poor investments?

__________________

No one said those were bad investments. But what good are they when we are all dead, from anthrax attacks or other deadly chemicals which Iraq has publicly admitted to producing? Have you forgotten we are at war not only with saddam, but also with Al Queda. Its only a matter of time before saddam starts backing up Al Queda, If he is not doing so already!

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Originally posted by bigmahs

What's it worth if the U.S. will be a crater if we don't stop him. What did you people forget that we are at waR???

Did you guys forget there is hole where the WTC stood

WE are the ones who put ourselves in this "we are at war" bullshit. I always assumed a war was between two states that claimed territory and sovereignty. This is NOT a war. This is the US striking a country which it has had problems with for many years now. Interesting how Bush is trying to hammer into people's heads that Iraq possesses all these bad weapons, bla bla bla...when it doesn't mention the fact that it probably has 20-30 times the amount of weapons Iraq does.

Perhaps a war is in some ways a good deal...but I cannot think of why right now.

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Listen with all due respect wtf is up this b.s. you are spreading? We are in America and its to our benefit to go into Iraq and get this SOB out of power. Rememebr which country you live in, If you were in Iraq right now you would NOT have the priviledge to speak and take sides against the presidents wishes. And yes you are right we do hold 20-30 times more weapons of mass destruction, but we are a CIVILIZATION! we are civilized enough not to use them unless neccessary. What country are you from? It seems like you are always in defense of saddam. Maybe you should trade your visa for an Iraqi one?

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P.S. study your history. you would find Iraq used poisonous gas against Iran troops and people back when they were at war. Its not a coincidence that Iraq has been at war for the past 30 years with someone If not Iran the US. maybe you should put your peace pipe down and do some reasearch as to why the US wants this maniac out of power!

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