Whoa whoa whoa, Iraq has surplus what?
According to a NY Times article this morning, rising oil prices have left Iraq with a $79 billion budget surplus. The article points out that little or no funds from the Iraqi budget are being allocated towards rebuilding the country, because the US is paying for all of it. The article quotes John Warner (R. Virginia) as saying “The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects.” The article also quotes Mr. Levin, the chairman of the Senate Armed Services Committee as saying, “It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves. We should not be paying for Iraqi projects, while Iraqi oil revenues continue to pile up in the bank.” No kidding! In fact, it wouldn’t be too far fetched to add in a request for a little bit of reimbursement. This situation is especially frustrating, given the fact that American officials promised that Iraqi oil would pay for the reconstruction of the country. That promise may have indeed been the catalyzing factor for many of those who initially voted for the action in Iraq. Who do we hold accountable?
Author: Ted Swenson
