Iraq's Four Year Budget Surplus: Upwards of $80 Billion

A recent US audit of Iraq's four year budget, shows it will close in a major surplus. A surplus so sizable, that it has gained some notable attention. Between 2005 and 2008, the Iraqi government is expected to finish upwards of $80 Billion in the black. Which is leading Congressional Lawmakers on both sides of the aisle to show some concern. That concern is to why, US taxpayers are still footing the reconstruction bill.

From initial estimates of the audit, Iraq had amassed a roughly $29-$30 Billion surplus between 2005 and 2007. With the high cost of oil planet-wide these days, they are expected to take in between $40-$50 Billion in 2008 alone. This being attributed to over 90% of Iraq's revenues being generated by oil.

I'd have to say, the noise amongst Lawmakers is rightly deserved in my opinion. Which is unusual for me to agree with anything the Dem's make noise about. Who would have figured they'd ever be capable of generating a legitimate concern, that I would agree with? As to date, the majority of reconstruction in Iraq "has been" US taxpayer funded. And since we only get a portion of the full report on TV, thanks to our fair & balanced media, this news is likely to make a lot of people unhappy.

Would have been nice if the media at least mentioned as an aside, that Iraq DID SPEND about 80% of the initial $29-30 Billion on operating costs, salaries, etc, during their broadcasts. So people would know Iraq isn't like completely "hoarding" the money. It's just not being completely burned up, when more should be spent by them on their own reconstruction.

It is a legitimate concern/complaint, and is being addressed according to the US Treasury Department. Deputy Assistant Treasury Secretary Andy Baukol had said, "The report shows Iraq's budget surplus is likely to grow significantly over the course of 2008, but it is equally important to realize that spending in Iraq is also increasing," noting that Iraq is moving towards putting more of its revenues to use. Baukol referred to a recent supplemental budget, submitted just last month by al-Maliki's government of about $22 Billion. It also included about $8 Billion in capital expenditures.

So Iraq IS spending it's own money. But for a considerable portion of America, it's just not moving fast enough for their tastes. And that would be a fair assessment. But at the rate that Iraq is progressing, they could potentially be the next U.A.E., when it comes to spending within its own borders.