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All posts tagged "national debt"

  • Labor & EconomyMay 14, 2013

    The Debt of War

    Some 53 percent of Americans say that the second Iraq war was a mistake. A recent Los Angeles Times article asked if the war brought change for the better. But no one asks what that war cost this country. The first trillion dollars we spent on it was only a down payment on what experts have estimated to be probably two trillion or more that we will spend over the next few decades to take care of America’s wounded and maimed. Our taxes provide care for those veterans, but both parties regularly propose cutting the Department of Veterans Affairs as a quick fix to balance the federal budget.

    Covering the interest on the debt from this and other wars is a part of the budget Congress can’t cut, and it’s not cheap either. Every year taxpayers shell out an amount equal to six percent of the national spending plan just for interest on the national debt.

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