The Congressional Budget Office estimates the cost of a long-term U.S. occupation of Iraq in the trillions of dollars in a new report released this morning. The study appears to make some pretty conservative assumptions in calculating cost estimates.
On the new CBO study out now counting the costs of President Bush’s ‘Korea model’, keep this comparison in mind. This report and a previous report covering projections for 2009-2017 estimate that by 2057 we will spend $2 trillion on Iraq in addition to what we’ve already spent, which is over $500 billion.
But let’s set aside the half trillion we’ve already blown and focus on the two trillion more over the next 50 years. And let’s compare that to the Social Security budget shortfall over the next 75 years. And remember, the Iraq numbers are quite low compared to what we’re currently spending. And the Social Security numbers are based on conservative estimates of future growth. So the Iraq numbers would likely be higher and the Social Security number lower.
But Iraq over the next 50 years: $2 trillion.
Social Security shortfall over the next 75 years: $4.7 trillion.
Dean Baker: Does the Washington Post deserve to be taken seriously?
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While Rudy Giuliani speaks to the NRA convention tomorrow, a federal appeals court will be hearing arguments in a lawsuit Giuliani filed against gun manufacturers when he was still NYC mayor.
After blocking measures on habeas corpus and Iraq yesterday, Senate Republicans will seek to condemn MoveOn’s Petraeus ad today. Sen. Barbara Boxer has proposed an alternative resolution that includes condemnations on other political attack ads, too, including on John Kerry in 2004 and Max Cleland in 2002.
Late Update: No word on whether there is a statue of limitations on congressional condemnation of attack ads.
Later Update: Reid and Levin to vote against GOP resolution and support Boxer alternative.
Democratic fundraiser Norman Hsu to be indicted in Southern District of New York today, according to reports, on fraud and campaign finance charges.
I’ll be interested in looking at the indictment to see if it can be determined when the feds’ investigation started. The Wall Street Journal article that first reported on Hsu’s suspicious campaign finance activity ran at the end of August. That is what appears to have sparked the investigation. If so, I don’t recall the last time I saw a white collar criminal case go from launch of investigation to indictments in less than a month. Perhaps some of our federal criminal lawyer-readers can enlighten us.
Late Update: The AP is now reporting that prosecutors will unseal a criminal complaint, not an indictment.
The Senate is playing who can be nicest to military figures today. Sen. Barbara Boxer’s resolution condemning political attacks on all current and former military figures (Grant? MacArthur?) got 51 mostly Democratic votes, less than the 60 needed to overcome the GOP’s procedural roadblock. That was just a sideshow to the real sideshow, a vote on the GOP resolution condemning the MoveOn Petraeus ad, which is coming shortly.