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Thursday, May 10, 2007

Let the kids pay for it: boomer war waged on credit

Like all debts, however, the bill for Iraq and Afghanistan will eventually come due. While it is unlikely to cause economic upheaval, such as the devastating inflation that followed the Vietnam War, economists foresee substantial increases in government spending to rebuild the nation's exhausted armed forces, care for its disabled veterans and cover rising interest payments.

Administration officials say those payments will be easier to afford because Bush's tax cuts strengthened the economy. But even many conservative economists are skeptical. Some worry that the bill for Iraq will come just as the baby-boomers start retiring, further straining a budget that will require deep cuts, higher taxes or bigger deficits.

"Iraq War Bill Goes on America's Credit Card"
Hamilton Spectator (Canada)

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