The New York Times today is reporting that a federal oversight agency found that the costs of American contractors doing business in Iraq - housing employees, processing paperwork, providing security, etc - consumes as much as 55% of the money the federal government puts toward their projects. It goes on to say that the amount of money spent on overhead may be even higher, but "the government does not keep proper track of how the $18.4 billion of American taxpayer-financed reconstruction money approved by Congress two years ago is being spent." Compared to other comparable construction projects, which usually eat up a few percent in overhead, these numbers are astronomical. Early estimates for the costs said that overhead would likely be higher because "construction materials are scarce and contractors are forced to provide security for work sites and housing for Western employees," but that figure was expected to be around 10%.
Tuesday, October 24, 2006
Overhead Costs Consume Budget for Iraq Reconstruction
posted by Adam Lang at 4:58 PM
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