Iran war has cost the US $38bn: How will it impact US economy, politics?

The United States war on Iran has cost the country $38bn so far, the Congressional Budget Office (CBO) said this week, adding that an estimated $3bn will be added every month if the conflict continues, placing strain on the country’s finances and economy.The report, which was released on Tuesday, revealed that the protracted war is straining US munitions stockpiles and fuelling inflation as the Strait of Hormuz, a global oil export chokepoint, remains under Iranian blockade. The shortage of munitions poses a major security risk in the event of a new conflict.The findings of the inquiry will likely add fuel to the wave of criticism about the six-month-old war, which the US launched alongside Israel on February 28, and which US President Donald Trump claimed would only last a few weeks.The conflict has rattled the global energy market and contributed to rising prices as US voters express concern about the cost of living in the run-up to the November US midterm elections.The CBO’s report also comes on Monday’s report from the Pentagon’s official watchdog about the losses the US has incurred throughout the war – including the first admission by the body of low weapons stockpiles.Here’s...