The Iran war is costing the US far more than the Pentagon admits, and Americans are footing the bill while Israel pays nothing.

• The Pentagon now says the war cost $29 billion, up from $25 billion a few weeks ago, but outside reporting suggests it is closer to $1 billion a day.
• A University of Michigan economist estimates the real cost will run into hundreds of billions or even trillions when oil prices, lost jobs, and stock losses are counted.
• Oil futures for 2026, 2027, and 2028 are still well above pre-war levels, and uncertainty is making businesses hold off on hiring and investment.
• The Fed was expected to cut interest rates but may now have to raise them, which could cost the economy another $200 billion.
• The Iraq war was first sold as a $1.2 billion conflict and ended up costing over $2 trillion, so the early Iran numbers are likely a massive undercount.

Outlook: Costs will keep climbing as oil stays high, the Fed holds or raises rates, and the war drags on with no sign Israel will help pay.