Stirling Newberry explains the cost of conservatism:

The costs of conservatism, in a bi-partisan form, are those things that can’t be fixed by a Democratic President because they have become part of the political landscape: over-financialization of the American economy, the waste of privatized health care, over militarization of the American economy, and the externalization of global warming. …

…The cost of not having comprehensive national health care is roughly 5% of GDP because America spends 15% of GDP on health care, and a comprehensive system generally saves 1/3 over privatized systems. The cost of over financialization is estimated by Krugman to be 3% of GDP. The difference between the Bush defense department, including the neo-colonial wars, is 2% of GDP, that’s defense plus .

The costs associated with global warming are harder to pin down, but Stirling does some figuring and comes up with 2 to 4 percent of GDP.

These problems reinforce each other, insurance companies shift output from other activities, to financial ones. Spending on wars means there is less productive manufacturing, and more war manufacturing, pushing effort into juggling money. Tax breaks drain investment from private enterprise, making it harder, seemingly to shift the economy. In other words, we are like the person who drinks too much because they smoke too much.

The sad thing is, this nation has the wealth to afford decent living standards, retirement and health care for citizens, but we are squandering that wealth in stupid ways. Thanks to conservatism.