Our nine-year incursion in Iraq is finally and thankfully coming to an end, leaving behind an unstable Iraq vulnerable to Iranian influence. The costs to our troops and their families and to our economy are huge. The "official" financial cost is about $800 billion. The actual cost is probably $1-2 trillion.
It is interesting to remember that, at the beginning of the war, the economist William Nordhaus estimated that the war would cost $1.6 trillion. He was roundly criticized by the Bush administration, which insisted that the war would only cost $50-60 billion! In fact, Bush’s first economic adviser, Lawrence Lindsey, was fired partly because he predicted the war might cost $100-200 billion.