Will Miller Green Mountain Veterans For Peace

Economic Costs of War

 

The U.S. has spent approximately $1.3 trillion in the past decade

on the wars in Iraq and Afghanistan

 

How Does U.S. War Spending Compare?

• The U.S. accounted for 41% of total global military expenditure in 2011, followed by China (8.2%), Russia (4.1%), UK and France (both 3.6%).

• U.S. taxpayers spend about 7 times as much on the Pentagon and related military accounts as China spends on its military.

• Iraq and Afghanistan do not even make the list for the top 30 big spenders; Iran is 26th.

 

Impact on U.S. Jobs

The war economy has hindered U.S. job creation. This is because war spending reduces funds available for alternative job sectors and domestic programs. For example, $1 million in military spending creates approximately 8.3 jobs, while $1 million in alternative spending would create 15.5 jobs in public education, 14.3 jobs in healthcare, 12 in renewable technology, and 11.1 in construction.

 

Housing Costs

The average homebuyer had to make $600 more in mortgage payments last year because of the rise in interest rates induced by war borrowing. (Based on a $250,000 home price, 10% down, at 5.00% and 5.35% interest.)

 

Lost Opportunities

The $121.1 billion spent in Iraq and Afghanistan in 2012 alone could have funded…

• Pell grants worth $5,500 to 21.8 million US college students, or

• Salaries for 1.7 million police or patrol officers for one full year, or

• Healthcare for 62.1 million children who are receiving low-income healthcare, or

• Salaries for 1.8 million elementary public school teachers.

 

Sources

www.costofwar.org

SIPRI Military Expenditure Database