Phyllis Bennis and the Institute for Policy Studies Iraq Task Force stated the following on Sep. 30, 2004 in their study titled "A Failed 'Transition': The Mounting Costs of the Iraq War":
"To put Iraq war spending figures in perspective, the monthly cost of
the Iraq and Afghan wars now rivals the average monthly cost of the
Vietnam War. Operations costs in Iraq are estimated at $5 billion per
month while the average cost of U.S. operations in Vietnam over the
eight-year war was $5.2 billion per month, adjusting for inflation.
While fewer troops are in Iraq, the weapons they use are more expensive
and they are paid more than their counterparts who served in Vietnam."
Faisal Islam, Economics Correspondent for The Observer (UK) stated the following in his Mar. 9, 2003 article "Markets Threatened by 'New World Disorder'," that noted a study by John Llewellyn, chief economist for Lehman Brothers:
"Regardless of who backs any action [in Iraq] there is a one in 10 chance of an 'open-ended conflagration' which would lead to a Vietnam war-sized bill for the U.S., 'equivalent to 12 per cent of contemporary GDP', or $1.2 trillion."
James K. Galbraith, PhD, Professor at the Lyndon B. Johnson School of Public Affairs at the University of Texas in Austin, stated in an Apr. 26, 2004 Los Angeles Times article titled "War in Iraq Aims a Bullet at the Heart of the Economy":
"The U.S. had one good economic experience with war. World War II
conquered the Depression, re-industrialized the country and built the
middle class. But that was special. The U.S. fought World War II with
full mobilization, super-high taxes, super-low interest rates, big
deficits, price controls and rationing. Iraq isn't going to be like
World War II.
Economically, the Iraq war is more like Vietnam: insidiously
underestimated, sold to the public and Congress on false premises,
improperly budgeted and inadequately taxed. During the Vietnam years,
there was also economic growth at first. But then came creeping
inflation, followed by worldwide commodity shocks, the oil crisis of
1973, international monetary disorder and a decade of economic trouble."
James Sterngold, National Correspondent for the San Francisco Chronicle, stated in a May 9, 2004 article "War Tab Swamps Bush's Estimate," published in the San Francisco Chronicle:
"Operation Desert Storm, begun in 1991 after Saddam Hussein's armies
invaded Kuwait, cost about $84 billion, adjusted for inflation,
according to the Center for Strategic and Budgetary Assessments, a
nonpartisan Washington think tank. But because the United States was
part of a broad coalition of wealthy countries, including Britain,
France, Germany, Japan and Saudi Arabia, about 90 percent of those
costs were paid for by America's Allies.
The Korean War, which
involved several years of all-out military campaigns, cost about $418
billion in inflation-adjusted Pentagon's $401 billion budget excludes
Iraq dollars, and the Vietnam War cost about $597 billion, according to
the Center for Strategic and Budgetary Assessments."