Tuesday, February 06, 2007

American Military Spending for 2008

The Financial Times reports :-

President George W. Bush on Monday unveiled the largest defence budget in history, asking Congress for $623 billion to fund the US military and the wars in Iraq and Afghanistan for 2008.

Congressional approval would allow the Pentagon to spend almost $20,000 a second for 2008.

If the Pentagon were a country, it would rank in size just behind the Netherlands, the world’s 16th largest economy.

In a Democracy Now interview , Linda Bilmes, lecturer in Public Policy at Harvard's Kennedy School of Government , an Assistant Secretary of Commerce in the Clinton Administration , has estimated that the total cost of the Iraq War will be $2 Trillion , a conservative estimate .

In a new report she predicts that providing the cost of medical care and compensation benefits for returning veterans once those troops return home could be between $350 billion and $700 billion.

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