If the American military presence in Iraq and Afghanistan lasts another five years, the total cost of the war could stretch to more than $1.3 trillion. All of this spending will need to be financed by adding to the federal debt. Extra interest payments will total $200 billion or more even if the borrowing is repaid quickly. Conflict in the Middle East has also played a part in doubling the price of oil from $30 a barrel just prior to the invasion of Iraq in March 2003 to $60 a barrel today. Each $5 increase in the price of oil reduces our national income by about $17 billion a year. |
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OpedNews volunteer from 2005 to 2013.
Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.