If the Iran war drags on much longer and becomes costlier for taxpayers, it’s possible the two major political parties might be so desperate and smart enough to try returning to the colorful citizens’ bond drives of World War I and II that helped pay a large part of the costs. And the public felt that both the President and Congress heard their views.
Now, most ordinary Americans from 1917 even up to today do not understand what a bond is—federal, corporate, or municipal. But they certainly do if told that any bond is an IOU with the lender also earning interest on payoff day.
Those WWI Liberty bonds —$50 @4.25 percent—paid back some $21 billion of that $30 billion war from 1917-18. In WWII, some 85 million—even school kids—bought $185 billion worth of war bonds and covered the war’s $300 billion cost. Bonds were selling for denominations of $25, $50, $500, $1,000. The top-selling, no-interest $25 bond was discounted at $18.75, but paid in full on the due dates. The $50 and $1000 drew 5 percent interest.
The government’s war-bond promotion was massive in both eras, through the media, at the movies, community rallies, schools, Scout meetings, workers—and movie star appearances: among them were Charlie Chaplin and Mary Pickford in WWI; Bob Hope and Marlene Dietrich in WWII. Some bond sales posters became classics in the art world, or Sunday rides in Army open-cockpit planes to buy a $500 bond at fairgrounds featuring air shows.
The first 60 days of the war on Iran have cost taxpayers $71.8 billion, according to expert estimators countering the Pentagon’s questionable claim of $25 billion. Shifting its financial burden from taxpayers to bond buyers, party supporters, and ordinary Americans before the November mid-term elections would be a spectacular political move. It could spike voter participation.
Best of all, the End-the-Iran-War bonds could be sold by political parties, not Congress, and launched immediately. The message would be far more accurate about Americans’ views than polls sometimes relied upon by the Administration and Congress.
That may explain why federal bonds were never issued for wars in Korea, Vietnam, Iraq, and Afghanistan. Public opposition to all four conflicts probably led to presidential decisions not to try that usually successful fundraiser lest it reveal the administrations’ political and acquisitive military policies. So taxpayers wound up paying the full price in blood and treasure.
In fact, diehard backers of continuing the war certainly would get the anti-war message environmentally and politically. Congress and the Administration might just back off from the oil and gas oligarchy’s push and payoffs by citing monumental bond sales indicating they would lose their jobs via the midterms if they ignored public opposition to the “drill, baby, drill” policies. To be sure, the oil and gas oligarchy would not easily give up all those future profits and polluting the planet to death in the meantime. That prospect alone probably would galvanize millions of bond sales.
If party leaders want a public vote of confidence before November’s midterm election about not destroying Iran—and ultimately substituting oil and gas with today’s new energy resources (wind, solar, biofuels, geothermal)—why not test it by issuing those End-the-Iran war bonds? Start with a one-year $25 bond at 5 percent.
The national parties have nothing to lose, and as a gain, the U.S. would finally leave the Middle East.