Joseph Stiglitz, a Nobel prize-winner in economics, says the Iraq war has cost $3 trillion so far. According to the Guardian
, "three trillion could have fixed America's social security problem for half a century."
Some time in 2005, Stiglitz and Linda Bilmes, who also served as an economic adviser under Clinton, noted that the official Congressional Budget Office estimate for the cost of the war so far was of the order of $500bn. The figure was so low, they didn't believe it, and decided to investigate. The paper they wrote together, and published in January 2006, revised the figure sharply upwards, to between $1 and $2 trillion. Even that, Stiglitz says now, was deliberately conservative: "We didn't want to sound outlandish."
Link (Thanks, Robert!)
So what did the Republicans say? "They had two reactions," Stiglitz says wearily. "One was Bush saying, 'We don't go to war on the calculations of green eye-shaded accountants or economists.' And our response was, 'No, you don't decide to fight a response to Pearl Harbour on the basis of that, but when there's a war of choice, you at least use it to make sure your timing is right, that you've done the preparation. And you really ought to do the calculations to see if there are alternative ways that are more effective at getting your objectives. The second criticism - which we admit - was that we only look at the costs, not the benefits. Now, we couldn't see any benefits. From our point of view we weren't sure what those were."
You’d be forgiven for thinking the videocassette format long-dead, but it turns out that Betamax is still around. Sony is finally going to withdraw tapes from sale, bringing a 40-year story to an end. The last recorders were sold in 2002. ベータビデオカセットおよびマイクロMVカセットテープ出荷終了のお知らせ [Sony; via The Verge]
A leaked Comcast memo discloses that the company’s consumer data caps have nothing to do with network congestion, contrary to its public claims. The internet service provider has often complained (such as when lobbying against net neutrality) that it must impose limits on service to prevent network congestion. The argument suggests that these measures are […]
LA Makerspace co-founder Tara Tiger Brown shares a project that her kid-friendly maker workshop is trying to make a reality.
These knitted gloves are here to save the day (and your hands) with an ultra-comfy, double-layer that will allow you to stay warm and use your phone. Now you can take photos on the fly, text, Tinder, and more without letting freezing temperatures get in your way. Plus they work with all touchscreens, so no […]
Store more on your Mac with this microSD memory card adapter.
Carrying this EDC card is like slinging around a handheld toolbox wherever you go. Its minimal design is small enough to fit in your wallet’s billfold, and it’s TSA-compliant so you’ll never leave it behind. It’s got hex wrenches, metric and imperial rulers, flathead and Phillip’s screwdrivers, and a bottle opener so that you’re ready […]