- Days left

Wanna take a $3 trillion shopping spree?

Since co-authoring The Three Trillion Dollar War with Linda Bilmes, Nobel Prize-winning economist Joseph Stiglitz has tried to help American taxpayers wrap their heads around just how much our government is spending on the conflicts and subsequent occupations of Iraq and Afghanistan by doing some comparison shopping.

"Try filling your shopping cart with what the cost of the Iraq War could buy: health care for every American? A new home for every subprime borrower now facing foreclosure? An Ivy League degree or two? You haven't even gotten started," Stiglitz said.

To illustrate Stiglitz's assertion, the folks at True Majority and Brave New Films launched the Three Trillion Dollar Shopping Spree, where consumers can fill their carts with $3 trillion worth of virtual items that could save the world or just make their own lives easier.

I barely broke the $1 trillion mark on my shopping spree, even with a cart full of goodies like fighting AIDS in developing nations ($15 billion), worldwide compliance with the Kyoto Protocol ($400 billion), worldwide no-kill animal shelters ($7 billion), achieving universal literacy ($5 billion) and a vacation in space for $20 million (hey, altruism has its limits).

Apparently, it's a lot easier to spend the big bucks on armed conflict. According to Stiglitz and Bilmes, this is how $3 trillion is being spent by the Bush administration in its war efforts:

  • $526 billion - borrowed money poured into Iraq so far
  • $615 billion - total interest costs for taxpayers
  • $280 billion - to rebuild our military
  • $590 billion - disability benefits and health care for Iraq veterans
  • $1.5 trillion - estimated costs through 2017

So while it's fun to fill your virtual shopping cart with items like universal health care for all Americans (about $6,000 per person), It's hard not be infuriated when you see where this money is actually going. The Three Trillion Dollar Shopping Spree gives people a clearer picture of how their tax dollars could be better spent.


Increase your money and finance knowledge from home

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

Amending Your Income Tax Return

What if you've sent in your income tax return for a previous year and then discover you made a mistake? You can make things right by filing an amended tax return. And, don't think an amended return will automatically cost you money; it's perfectly okay to change a return to capture a tax break you missed the first time around.

How to File Taxes with IRS Form 1099-MISC

If you receive tax form 1099-MISC for services you provide to a client as an independent contractor and the annual payments you receive total $400 or more, you'll need to file your taxes a little differently than a taxpayer who only receives regular employment income reported on a W-2.

What If I Did Not File My State Taxes?

At the time of this writing, the only states that do not charge a state income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. If you live or earn money in one of the other 41 states or the District of Columbia, you may need to file a state income tax return by April 15. It is a separate and independent requirement from filing your federal tax return and failure to file it on time may result in interest and penalty charges.

Add a Comment

*0 / 3000 Character Maximum