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How Did 9/11 Affect The Economy

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The attack on the World Trade Center on September 11th, 2001 had a profound effect on the economy in both an immediate and lasting way. While the economy prior to 9/11 was not an ideal one, it cannot be compared to how horribly it was hurt immediately following 9/11. 9/11 immediately and effectively crippled the economy in a massive way. The effects of 9/11 on the economy can, in fact, still be felt today. 9/11 turned an already declining economy into an economy that was utterly crippled and affected the economy on such a scale that its effects remain to this day.
Prior to the 9/11 attacks, the U.S. economy was already weakening and declining. According to wiki.dickinson.edu, the American economy was doing very well from the mid-1900 to the early 2000’s. The GDP began declining during the first quarter of 2001. During this time, the growth of the GDP slowed. In addition, production fell, unemployment increased, inflation rose, stock prices decreased, and, as a result, America saw a strong decrease in consumer spending. Because of the decreasing economy, American companies saw a decrease in profits and had to downsized, which increased unemployment even more and led to unemployment reached …show more content…
First of all, according to thebalance.com, the 9/11 attacks led to one of largest government spending programs in the history of the United States. After Bush’s two terms, the cost of the war was at $1.164 trillion, which increased by $807 billion during President Obama’s terms, and has already increased by $156 billion during President Trump’s time in office for a total cost of $2.126 trillion for the war on terror. This spending on the war on terror led to a debt crisis. This debt crisis resulted in their being less fund to help get the U.S. out of the 2008 financial crises and led to fewer jobs being created and less tax revenue and, as a result, and even larger increase in debt which is still increasing

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