Last night's VP debate made me wonder which Government 'crisis' was more expensive: the Iraq War or what the Government wants to spend to fix the current 'Credit Crunch'. Turns out that Iraq is less expensive, in financial terms at least.
Iraq: $585 Billion
Now there is also a cost of human life with Iraq. However, you cannot look at only the total number of US and Iraqi lives lost in Iraq, since there is nothing to say that had the US not invaded Iraq that there would not have been another 9/11 or other sort of disaster., not to mention all of the Iraqis dying as a result of Saddam's failure to comply with UN sanctions, let alone all the Iraqis he killed himself in his own purges and wars. In addition, a number of US military deaths in Iraq are due to accidents, which also occur during peacetime.
Also, the Iraq War has created jobs. The 'bailout' hopes to limit the loss of jobs.
The Credit Market Rescue/Bailout: $700 Billion + $112 Billion in Tax Breaks and Pork
In their vote on the $700 billion Wall Street bailout Wednesday night, senators packed the bill with scores of lavish goodies to please favored groups and win support from opponents in today's House vote. - NY Daily News
The tax earmarks were scarcely noticed during the Senate debate over a bill that featured a $700 billion bailout package and a $112 billion tax package, including the renewal of popular tax breaks for businesses and renewable energy projects and a one-year effort to shield at least 20 million Americans from paying the alternative minimum tax. - SFgate.com
Keep in Mind that this is the cost for fighting the Iraq War since 2002. I would think that the $700 billion for fixing the credit crisis would be spent in months.
Sure, there is a chance that the Government will recoup most if not all of the $700 billion of the credit crunch bailout over the long term. In line with that, the money spent in Iraq should also result in a big peace dividend over the long run as well.
We all know who Democrats want to blame for getting into Iraq. Just who should we blame for getting us into this credit crisis mess?