For over two decades, the United States was engaged in the wars in Iraq and Afghanistan. These conflicts, often referred to as “forever wars,” have drained the country financially, politically, and socially. While a few corporations and individuals profited immensely, the average American has suffered.
This article will not only examine the consequences of the Iraq and Afghanistan wars but will also draw a comparison to the current situation in Ukraine. The U.S. is once again spending billions on military aid, defense contractors are making massive profits, and taxpayers are left footing the bill. With history as a guide, we will explore the economic burdens, consumer costs, veteran struggles, and the broader impact of continuous military engagements. Additionally, we will analyze the individuals and corporations benefiting from these conflicts and the long-term consequences for the United States if it continues down this path.
The Economic Burden on Taxpayers
The wars in Iraq and Afghanistan have cost U.S. taxpayers an estimated $8 trillion. This staggering amount covers not just direct military operations but also interest payments on borrowed money, veterans’ healthcare, and reconstruction efforts. The U.S. government largely funded these wars through deficit spending, meaning future generations will continue to pay the price.
The long-term impact is evident in America’s growing national debt, which now exceeds $30 trillion. Instead of investing in domestic programs like affordable healthcare, education, and infrastructure, these funds were funneled into military interventions with questionable long-term benefits. Roads, bridges, and public schools across the country remain underfunded, while defense contractors saw their profits skyrocket. This financial strain reduces the government’s ability to respond to economic crises and invest in programs that directly benefit the American people.
The war in Ukraine has already cost U.S. taxpayers over $175 billion, and experts warn that continued involvement could push this number well beyond $400 billion in the coming years. If the conflict extends, as seen in Iraq and Afghanistan, it could lead to long-term financial commitments, further driving up national debt and placing additional burdens on future generations. The government is again funding this effort largely through deficit spending, meaning American taxpayers will be paying for it for decades.
Who Profits the Most from War?
Defense contractors and major arms manufacturers have been the primary beneficiaries of America’s foreign conflicts. The top three companies that profited the most from the Iraq and Afghanistan wars are:
Who Profited the Most?
While average Americans struggled, a handful of corporations and individuals made billions from the wars.
Top Companies That Profited
- Lockheed Martin – As the largest defense contractor in the world, Lockheed Martin supplied fighter jets, drones, and weapons, making billions in government contracts. Between 2001 and 2021, its stock price soared, and it received over $400 billion in military contracts. The company’s F-35 fighter jet program alone was worth $1.7 trillion, making it one of the most expensive defense projects in history.
- Halliburton – This company, once led by former Vice President Dick Cheney, received massive contracts for providing military logistics, oil infrastructure, and base support services. Halliburton’s subsidiary, KBR, was awarded $39 billion in government contracts during the Iraq War. The company profited from supplying fuel, constructing military bases, and managing private security services, despite multiple reports of overcharging the government and providing substandard services.
- Raytheon Technologies – Raytheon produced missiles, radars, and defense systems, profiting heavily from prolonged military engagements. Raytheon secured billions in contracts to supply advanced weaponry, including the Patriot missile system and guided munitions used extensively in Iraq and Afghanistan. The company’s executives frequently lobbied for increased defense spending, ensuring a steady stream of government funding.
- Boeing – Known for its commercial aircraft, Boeing also produces military equipment, including helicopters, drones, and fighter jets. It raked in tens of billions of dollars in defense contracts during the wars.
Top Individuals Who Profited
- Dick Cheney – As Vice President under George W. Bush, Cheney had deep ties to Halliburton, which received over $39 billion in war-related contracts. Cheney’s personal wealth and stock holdings in Halliburton skyrocketed during and after his time in office, raising serious ethical concerns.
- Erik Prince – The founder of the private military company Blackwater, Prince secured lucrative government contracts to provide armed security forces in Iraq and Afghanistan. His company received hundreds of millions of dollars to supply private military forces, some of whom were involved in controversial incidents, including civilian casualties.
- David H. Brooks – The former CEO of DHB Industries, Brooks made millions supplying body armor to U.S. troops, though he was later convicted of fraud. His company charged the government exorbitant prices while producing defective gear, showing how war profiteering often came at the expense of soldiers’ safety.
- Liz Cheney – As a former U.S. Representative and a strong advocate for military intervention, Liz Cheney has financial and political ties to the defense industry. Though her direct profits are less clear than her father’s, she has supported policies that benefit defense contractors, and she remains influential in shaping war policies.
Economic Projections of a Prolonged War in Ukraine
If the war in Ukraine continues for several more years, the financial impact on the United States will be severe. Current projections suggest that maintaining military aid and financial assistance at current levels could push the total cost for American taxpayers past $450 billion within the next five years. This would increase the national debt further, raising borrowing costs and potentially leading to tax increases or cuts in domestic spending.
A prolonged conflict could also contribute to global economic instability, affecting trade markets, increasing fuel prices, and disrupting supply chains. The European economy, heavily reliant on U.S. support, could weaken further, potentially requiring even greater American financial assistance. Inflationary pressures would continue, particularly in the energy and defense sectors, leading to higher prices for American consumers.
The Risk of Nuclear War
One of the greatest risks associated with prolonged U.S. involvement in Ukraine is the potential escalation into a nuclear conflict. Russia has already made veiled threats about using tactical nuclear weapons if it perceives an existential threat. If the U.S. and NATO continue increasing their involvement, the likelihood of direct military confrontation between nuclear powers rises.
A nuclear conflict, even if limited in scope, would have catastrophic consequences. Beyond immediate casualties, the economic toll would be devastating. Global markets would crash, supply chains would collapse, and the cost of recovery could surpass anything seen in modern history. The risk of nuclear war should not be dismissed as mere rhetoric—history has shown that prolonged conflicts often escalate in unpredictable and dangerous ways.
Veterans and Healthcare Struggles
While defense contractors profited, American soldiers returned home with lasting physical and mental health issues. The Department of Veterans Affairs (VA) has been overwhelmed with the number of veterans needing medical care, leading to long wait times and inadequate treatment. Many veterans struggle with PTSD, unemployment, and homelessness, further burdening social services.
Another war, such as prolonged involvement in Ukraine, would only add to these burdens. More injured veterans would require medical care, and the already overwhelmed VA system would struggle to accommodate them. Additionally, funding that could go toward improving veteran healthcare would instead be diverted to military aid and defense spending.
Conclusion and Analysis
The wars in Iraq and Afghanistan officially ended, but their costs continue to burden American taxpayers and veterans. Meanwhile, major defense contractors and a select few individuals made billions. The parallels between past wars and current involvement in Ukraine are concerning. If the U.S. continues down this path, it risks another forever war, further weakening the economy and diverting resources from pressing domestic issues.
Prolonged military involvement in Ukraine is not just an economic burden—it is a geopolitical risk. With an already overstretched budget, a growing national debt, and rising consumer costs, the U.S. is in no position to sustain another long-term war. Furthermore, continued escalation in Ukraine could lead to unintended consequences, including direct confrontation with Russia, which increases the risk of a devastating nuclear conflict.
History has shown that endless wars do not make America stronger—they weaken it. The real winners of these conflicts are not the American people but the defense contractors and political elites who profit while the average citizen bears the cost. If policymakers do not change course, the cycle of military intervention, economic strain, and social decline will continue. The American people must demand accountability, prioritize domestic investments, and learn from the mistakes of the past before engaging in yet another costly and dangerous war.
