The U.S. Is Spending $32 Million Per Hour On War

| Educate!

Above: US Soldiers in Afghanistan, the longest war in US history. Source CNN.

Ever since the 2001 invasion of Afghanistan, the War On Terror has cost the U.S. $5.6 trillion. Almost all of this price tag is financed through borrowed money, significantly increasing the national debt.

In the News:

“It’s a good time to reflect on what this war — the longest in U.S. history — has cost Americans and others around the world.

First, the economic costs: According to estimates by the Costs of War project at Brown University’s Watson Institute for International and Public Affairs, the war on terror has cost Americans a staggering $5.6 trillion since 2001, when the U.S. invaded Afghanistan. $5.6 trillion. This figure includes not just the Pentagon’s war fund, but also future obligations such as social services for an ever-growing number of post-9/11 veterans.

It means Americans spend $32 million per hour, according to a counter by the National Priorities Project at the Institute for Policy Studies. Put another way: Since 2001, every American taxpayer has spent almost $24,000 on the wars — equal to the average down payment on a house, a new Honda Accord, or a year at a public university.

Support from Peace Science:

War support is directly linked to how governments choose to finance their wars: debt or taxes.

  • Implementing a ‘war tax’ drastically lowers war support because individuals are directly impacted by the costs of war. Decreased public support for war is consistent across party lines, types of conflict, and countries.
  • Borrowing money for war allows governments to shield the public from direct costs, leading to higher approval ratings and less oversight.

References:

  • jemcgloin

    And now we are spending another $5.5 trillion on tax cuts for corporations and their owners. Where is the average person supposed to get $48,000 to pay for correlate wars and corporate tax cuts? From their entitlements of course.
    Everyone they tell you their is no money for entitlements, remind then what they are spending the money on, and all them if they want to spend their retirement in corporate wars and corporate tax cuts.

  • Blaine

    Its even worse than that. All the $ in overages they took in via SS taxes were converted to non-tradable treasuries and borrowed against for war and tax cuts. This is why the anti-SS rhetoric is growing to hysterical levels – they don’t have the $ to pay what they’ve already borrowed out of the trust fund.

    Is at a negative balance now, they’ve already spent your SS benes. Even if we were to completely eliminate SS and medicare, the Govts deficit problems wouldn’t go away – SS hasn’t added a single cent to the debt and medicare only runs about 10% over its trust fund stream. Only if they cut those benes and continue to collect payroll taxes toward the general fund will they see any good come from eliminating entitlement programs other than medicaid. And I believe that is exactly what is intended.

    We are fast approaching a revolution against the Federal Govt.

  • richardprofumo

    Divest from the war machine. If your bank in infested in the war machine then move your money out and invest in a credit union!

  • mmckinley

    Yes! And infested is exactly the right word.