$300 Billion Here, $300 Billion There...Pretty Soon You're Talking About Real Money
Larry Lindsey, then head of the Council of Economic Advisors, estimated that the war could cost between $100-200 billion. Lindsey was ultimately fired for those remarks and OMB Director, and current Indiana governor Mitch Daniels, said Lindey's estimate was "very, very high," and tossed out a figure of between $30-60 billion. (Mitch is currently working to balance the budget here in Hoosierland. Hope he has better success.)
When asked how much the Pentagon might need to effectively wage war against Iraq, Don Rumsfeld said, the "Office of Management and Budget, has come up come up with a number that's something under $50 billion for the cost. How much of that would be the U.S. burden, and how much would be other countries, is an open question."
Paul Wolfowitz, who is such a numbers genius that he now heads the World Bank, told Congress Iraq's oil revenue would be about $12-15 billion in 2004 and $19 billion in 2005, which was merely a fraction of the $100 billion dollars he was predicting before the war. Wolfie said, "We're dealing with a country that can really finance its own reconstruction, and relatively soon," which explains why American taxpayers are rebuilding infrastructure in Iraq while I'm paying $2.30 for a gallon of gas.