Blood, taxes, and public opinion: the political costs of war

"War casualties often have a devastating effect on the popularity of political leaders. Yet, war also entails substantial fiscal outlays requiring funding either through increased debt or taxes. Using U.S. data for the period from 1948 to 2008, the author illustrates that this fiscal side of war also affects the popularity of the incumbent U.S. president. In general, the more he spends on war, the…