Convenient Timing: Democrat Economists Claim Iraq War Will Cost $3 Trillion

The last time I saw Joseph Stiglitz in the news, Hugo Chavez was ripping off his ideas.

Now he and a co-author are claiming the costs war effort in Iraq will surpass that of of World War II and is hampering the economy.

The Iraq war has contributed to the U.S. economic slowdown and is impeding an economic recovery, Nobel-winning economist Joseph Stiglitz says.

Meanwhile, the U.S. government is severely underestimating the cost of the war, Stiglitz and co-author Linda Bilmes write in their book, "The Three Trillion Dollar War" (W.W. Norton), due to be published on Monday.

The nearly 5-year-old war, once billed as virtually paying for itself through increased Iraqi oil exports, has cost the U.S. Treasury $845 billion directly.

"It used to be thought that wars are good for the economy. No economist really believes that anymore," Stiglitz said in an interview.

Stiglitz and Bilmes argue the true costs are at least $3 trillion under what they call an ultraconservative estimate, and could surpass the cost of World War Two, which they put at $5 trillion after adjusting for inflation.

Of course, the story neglects to mention these two are Democrat contributors and Stiglitz has been approached to be an adviser to Barack Obama.

Stiglitz has been approached by Barack Obama as a possible adviser should he reach the White House, although he says, "I've gone beyond the age where I would want to be in Washington full time. I would be interested in trying to help shape the bigger picture issues, and in particular the issues associated with America positioning itself in the new global world, and re-establishing the bonds with other countries that have been so damaged by the Bush administration."

In fact, Stiglitz last year made the maximum contribution allowed to Obama.

Shouldn't this news story and book plug at least mention that?

For her part, Bilmes played it safe and ponied up the maximum for Hillary Clinton, John Edwards and Obama.

She also contributed to John Kerry and Edwards in 2004 as well as Al Gore in 2000.

Not to argue their book may not have its merits, but it's worth noting the agenda of the authors, and it's highly unlikely you'll see this pointed out anywhere, though you can be sure Democrats will use it in their talking points.