Our grandchildren's money

Unsigned editorials are seldom useful, but this one is an exception. It's really a news analysis and should have run on the front page, but still, it contains a strong fact basis that everyone should be aware of.

In the run-up to the war, President Bush's top economic adviser, Larry Lindsey, said it might cost as much as $200 billion. Defense Secretary Donald Rumsfeld said the actual amount would be just $50 billion to $60 billion, calling Lindsey's projection "baloney," much as Rumsfeld had belittled General Eric Shinseki's estimate that it would take several hundred thousand US troops to fight the war successfully.

Both Lindsey and Rumsfeld were far from the mark. Nobel laureate economist Joseph Stiglitz and Harvard University's Linda Bilmes have just published "The Three Trillion Dollar War: The True Cost of the Iraq Conflict," and they consider that figure a conservative estimate.

$3 trillion! It's a debt that our grandchildren will find hard to pay off.

Update: From Linda Bilmes, more detail.