Thursday, January 27, 2005

The Speech Bush Should have Given

Informed Comment: "This is the speech that I wish President Bush had given in fall, 2002, as he was trying to convince Congress to give him the authority to go to war against Iraq.

My fellow Americans:

I want us to go to war against Iraq. But I want us to have our eyes open and be completely realistic.

A war against Iraq will be expensive. It will cost you, the taxpayer, about $300 billion over five years. I know Wolfowitz is telling you Iraq's oil revenues will pay for it all, but that's ridiculous. Iraq only pumps about $10 billion a year worth of oil, and it's going to need that just to run the new government we're putting in. No, we're going to have to pay for it, ourselves. I'm going to ask you for $25 billion, then $80 billion, then another $80 billion. And so on. I'm going to be back to you for money more often than that unemployed relative that you don't like. The cost of the war is going to drive up my already massive budget deficits from about $370 billion to more like $450 billion a year. Just so you understand, I'm going to cut taxes on rich people at the same time that I fight this war. Then I'm going to borrow the money to fight it, and to pay for much of what the government does.

And you and your children will be paying off that debt for decades.

In the meantime, your dollar isn't going to go as far when you buy something made overseas, since running those kinds of deficits will weaken our currency. (And I've set things up so that most things you buy will be made overseas.) We'll have to keep interest rates higher than they would otherwise have been and keep the economy in the doldrums, because otherwise my war deficits would cause massive inflation."

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Juan Cole is Professor of History at the University of Michigan

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