The science of graphs and wavy lines

Today's economics lesson on the cost of war comes to us from the desk of Robert Whaples, professor of economics at Wake Forest University. Professor Whaples has compiled the above graph which represents the cost of every major war the U.S. has fought in since the Civil War as a percentage of GDP.

Operation Iraqi Freedom has cost America in the last nearly-3-years, the equivalent of 2% of one-year's GDP. Say what you will about the Iraq war, as Jerry Bowyer is right to point out: any attempt to discredit this war based on its effect on the U.S. economy is an unnecessary distraction.