I agree with Mr. Stiglitz's analysis, but would like to add that the War in Iraq has been an absolute failure in multiple aspects.  Not mentioned by Mr. Stiglitz is the costs of repairing the Iraqi infrastructure and needs of the Iraqis to rebuild to some degree.  The US is already paying contractors for non-existent public works projects in Iraq that, if anything has been built at all, is in the early stages or construction or the site has been abandoned.  

Meanwhile, while all this borrowed money has been directed to an ill-advised war in Iraq, those funds are not being used for needed projects here in the United States.  We have a large number of bridges and highways that are deemed inadequate and need to be repaired or replaced.  We haven't used some of these funds to provide healthcare for everyone, improve our education systems, create public work projects, help ensure that people are going to have enough food to eat and have housing.