See here for a depressing discussion of the health care, education and other goods that 1.2 Trillion might have bought. It's yet another reminder of how the fateful decision to go to war in 2003 will haunt the nation -- to say nothing of the Middle East -- for the rest of our adult lifetimes.
That said, I recently attended a dinner with six adults horrified by the war and the question was posed: what should the United States do now? Answers ranged from the draft (politically impossible but at least a signal from the President that everyone, not just our military families, should sacrifice in this effort), sending in another 100,000 troops (no one thought the 20,000 surge meaningful and enough to protect the Iraquis from sectarian slaughter) and immediate withdrawal. The range of options seemed to me to suggest the depth of the problem -- we're now in so deep that no one can see air.