Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Monetary Costs vs. Social Costs Economists view the world differently than many people, including politicians and business leaders. Economists point out that if there are
Monetary Costs vs. Social Costs Economists view the world differently than many people, including politicians and business leaders. Economists point out that if there are social costs that are not taken into consideration when making policy choices, we may make socially undesirable decisions. For example, Americans overwhelmingly supported the U.S. war in Iraq when it began. Today, many people question that decision. This report by the Congressional Research Service highlights the cost of wars in Iraq, Afghanistan, and other operations since 2001. Those costs were almost one-tenth of the overall U.S. public debt. Was it worth it? If so, why have U.S. citizens been unwilling to pay for these added federal expenditures by paying higher taxes? (This is the first time in U.S. history the country has cut taxes in a time of war. Previously, citizens were willing to contribute financially to support the war effort.) Additionally, the accounting costs of the wars discussed in the Congressional report measure only financial expenditures by the federal government that ultimately must be paid by taxpayers. Answer the following questions: Are there other costs to society not included in the Congressional Research Service report? Be specific about what these other costs might be
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started