One thing is certain about the Iraq war: It has cost a lot more than advertised. In fact, the tab grows by at least $200 million each and every day. In the months leading up to the launch of the war three years ago, few Bush administration officials were willing to comment publicly on the potential costs to the United States. After all, no cost would have been too high if the United States faced an imminent threat from an Iraq armed with weapons of mass destruction, the war’s stated justification. In fact, the economic ramifications are rarely included in the debate over whether to go to war, although some economists argue it is quite possible and useful to assess potential costs and benefits. In any event, most estimates put forward by White House officials in 2002 and 2003 were relatively low compared with the nation’s gross domestic product, the size of the federal budget or the cost of past wars. White House economic adviser Lawrence Lindsey was the exception to the rule, offering an “upper bound” estimate of $100 billion to $200 billion in a September 2002 interview with The Wall Street Journal. That figure […]