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Cost to US of Iraq and Afghan wars could hit $6 trillion. The cost of the wars in Iraq and Afghanistan could reach as high as $6 trillion dollars â or $75,000 for every household in America â a new study from Harvard University has found.
Rockoff estimates the total cost of World War I to the United States at approximately $32 billion, or 52 percent of gross national product at the time.He breaks down the financing of the U.S. war effort as follows: 22 percent in taxes, 58 percent through borrowings from the public, and 20 percent in money creation.fter surveying the U.S. mobilization and financing for the war, Rockoff concludes that perhaps the greatest impact of World War I was a shift in the landscape of ideas about economics and about the proper role of government in economic activities. When the war began, the U.S. economy was in recession.