Something is different about Trump’s $1 trillion war on Iran and its stress on the national debt, Harvard Kennedy scholar says

German Enlightenment philosopher Immanuel Kant argued in his 1795 essay Perpetual Peace: A Philosophical Sketch, that nations should conduct themselves in a particular way with wars and debt: “National debts shall not be contracted with a view to the external friction of states.”

In other words, to maintain peace, don’t finance wars with debt.

Nearly a quarter-millennium later, public finance expert Linda Bilmes warns the U.S. is making this exact mistake in how it’s raising capital for the Iran war, encumbering the already weighty $39 trillion national debt.

According to Bilmes, a policy lecturer at the Harvard Kennedy School, the cost of the ongoing war is likely to exceed $1 trillion, swamping early projections of U.S. spending on the war, with the Pentagon reportedly claiming the first week of the war cost about $11.3 billion alone. The American Enterprise Institute estimated the costs of the war would have exceeded $35 billion by April 1—or about $1 billion per day. Bilmes said the daily costs are double those estimates, as the government does not take into account the long-term impacts of war, such as long-term veteran disability benefits and damage to key infrastructure that could take years to rebuild.

Above all else, Bilmes noted, the U.S. is now relying more heavily on debt to finance the war that we have previously. During the wars in Iraq and Afghanistan in the early 2000s, the debt held by the public sat at around $4 trillion, and we were paying about 7% of the overall federal........

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