Quote Originally Posted by Schmedlap View Post
Doesn't that assume that we wouldn't have simply spent that money on other stuff? The Bush years weren't exactly a time of frugality on non-defense spending.
You can assume that, but then you need to incorporate the benefits of that spending into the (non-)equation, on the side of peace.
It's easier to keep it simple and stick to the already mobnetarised vaiable including the effect of discounted interest.