Breaking Down the Economic Consequences of War on the U.S. Economy
This briefing will feature economists from the Institute for the Economics of Peace on their most recent report studying five periods – World War II, the Korean War, the Vietnam War, the Cold War, and the Afghanistan/Iraq wars. Now more than ever, American taxpayers must understand the true cost of these wars to their households so that they may be fully informed about the current deficit and debt debates.
Last year, I introduced H.R. 3088, the Cost of War Act, which requires the Department of Defense and the IRS to calculate and post the cost of the wars in Afghanistan, Iraq, and Libya to each American taxpayer. A few weeks ago, the White House launched a Federal Taxpayer Receipt Calculator, so that Americans will better understand how their tax dollars are being spent.
As policy makers, we must study and understand the true effects and relationships of war financing with debt, consumption, investment, jobs, taxes, government deficits, and inflation.