Most people have felt economic instability in one form or another, although critics say that not enough focus has been placed on the largest drains to the US economy: including the Iraq War, which is costing $12 billion a month. Federal Reserve Board Chairman Ben Bernanke tried to calm economic fears as he testified before lawmakers in Washington yesterday – but the outlook is dismal. Erik Leaver is a Research Fellow at the Institute for Policy Studies – he says that the costs incurred in the Iraq War need to be taken into account.

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