President Barack Obama spoke in a televised national address from the Oval Office of the White House on Tuesday night (August 31) in Washington, DC. In his remarks Obama formally declared an end to the combat mission in Iraq, saying that after seven years of war that claimed more than 4,400 American lives, it is time to face toward the war in Afghanistan and toward pressing problems at home.
It seemed like our occupation in Iraq would never end after eight long years of death and an exhausted economy here in the states, but we're finally leaving the country. Why now?
The inflation of oil in Iraq allowed the country's currency, the dinar, to skyrocket at a hire value. On top of oil, the United State's Army injected the Iraqi economy with $20 billion in goods and services between 2003-2009.
This boost in wealth allowed Iraq's economy to become more stable and less dependent on foreign currencies. And the more spending power the dinar has in Iraq, the less dependent it is on other countries, like the United States.
But that improvement is happening now while the troops are still waiting their chance to exit the country. And while that's good news for Americans, it doesn't explain the fate of the hundreds of unfinished projects they leave behind—which cost the US some $5 billion. That amounts to 10% of the $50 billion spent on reconstruction, according to a US watchdog agency—and that could be an underestimate.
From an empty $40 million prison to a still-unfinished $100 million waste water treatment system that has yet to stop sewage from running through the streets, it's $5 billion that could have been applied to urgent projects here domestically like New Orleans or our failing educational system.
What will happen when the troops are mostly gone and, for hypothetical purposes, the price of oil plummets to lower prices? Experts forecast a depression because of an increase of foreign imports into the country. Think about the bankrupcy of American car companies because of the importing of foreign cars. It's a similar fate, but way worse for them.
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