POINT: Will $87 billion be used for the right reasons?
President Bush recently asked for $87 billion to rebuild Iraq. This was met with great shock and awe from members in Congress. Apparently they are unaware or have forgotten what Sept. 11 cost Americans.
Republicans and Democrats are both in awe of such a request, and for the first time are becoming defenders of government spending. They feel that Bush is asking for to much money and are unwilling to pay for the price of war.
Sept. 11 cost America hundreds of billions of dollars. With the casualties of over 3000 in New York City on Sept. 11, America forfeited an estimated $7.8 billion in prospective income. The fed estimates $18 billion to clean up and replace Ground Zero, plus another $3.7 billion for general repair to the utilities and subways. Congress has estimated $700 million to clean, and repair the Pentagon.
There are also the general economic losses that were felt throughout the country. Ross C. DeVol of the Milken Institute estimates a 1.3 million net job loss and a decrease in GDP by $150 billion.
The Airline industry, one of the hardest hit, lost $11 billion and two carriers declared bankruptcy even after congress sent $15 billion in a federal bailout package. The Insurance industry was hit with a $50 billion price tag. Forcing them to raise insurance nation wide hurting the family household.
Sept. 11 cost America hundreds of billions of dollars and countless lives. It forced us into war with the support of congress. Yet now that it is time to pay for the war congress is pointing the finger at the administration and asking, “Why so much?”
I agree that the world should help with the bill. The Bush Administration will be asking soon enough. What we should keep in mind is that $87 billion is a small price to pay to avoid a repeat of that awful day in September.
Spencer Lloyd is a junior majoring in business information systems. Comments can be sent to shlloyd@cc.usu.edu.