Linda Bilmes

has—

There is a Social Security trust fund, and we know what the shortfall is.

But when it comes to veterans liabilities, we have all these accrued liabilities, but we don't really even know the full scale.

We know that the floor is $7.3 trillion, which is just the benefits we've already promised but not yet paid.

For the first time in history, Iranian officials say the country has closed the Strait of Hormuz following joint strikes from the U.S.

and Israel.

Iranian media reports that authorities have been ordered to set any ship trying to pass through on fire.

Well, there are significant costs of the war around rebuilding damaged infrastructure.

If you think about the straits per se, it's really too early to estimate what the long-term economic costs will be of the impact on energy prices.

and insurance and shipping and food prices and all those things.

But you can already see some costs.

For example, the U.S., through the Treasury, has opened a reinsurance facility.

has put $20 billion into buying up and backstopping the insurance companies' insurance.

So, I mean, there are all these costs.

I mean, the U.S.

has got major military sites that have sustained damages, along with facilities like the U.S.

Embassy in Baghdad, which was the world's most expensive embassy.

And that's four or five years of very significant costs to rebuild all those U.S.

facilities, not to mention the fact that there are also all these facilities in these countries which belong to the countries.

And the U.S.