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A Rundown Of Our Economic Woes

Originally at Group News Blog

They call Economics "the dismal science". If you've ever taken a basic econ class, you'll know why. The assumptions upon which economics are built are known to be faulty (people do not act "rationally" as defined by economists), the conclusions are often depressing, many of the important questions are left unasked, and the ability of economists to agree on how the world works (or an economy works) is extremely limited. These problems notwithstanding, we spend an appalling amount of time thinking about the economy, worrying about the economy, trying to effect the economy, trying to predict the economy, and generally obsessed with the economy.

So let's take a look at a few current "conditions"

Pricing the War

Joseph Stiglitz and Linda Bilmes suggest that the Iraq War is going to cost $3 trillion or even more. You can see the current direct costs of the war for the US, states, towns, or congressional districts at the National Priorities Project.

The Economist weighs in, largely with quotes from others, so I won't quote it. But check out this blog entry by Robert Reich.

According to the St. Petersburg Times, "Barack Obama says the war costs each household about $100 per month." Here's the math:

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