The American Economy

Paper Summary:

This paper explains that the economy in the 1990s was at a natural low point and was going through a restructuring period changing from the manufacturing and governments sectors to a stronger service sector, reflecting the current culture of a 24/7 lifestyle. The author believes that the attack of 9/11 changed the public perception of how the economy behaves and points out that other events, such as corporate accounting scandals, geo-political risks and war, also have deeply affected the economy. The paper relates that another trend that makes the American economy seem weak after 9/11 is a change in consumer spending habits.

From the Paper:

"Still many Americans would argue that due to consumer confidence being low in the market place and therefore having a direct influence on commerce that the economy is weak even today. In the days after the attacks, consumers were uncertain of the future. Price comments, that the average American has less buying power than he or she did in the late 1990s. This is due to increased costs and standards of living while annual costs of living raises have not increased exponentially to meet demand and grow for the retail markets. Also rising energy costs and America's reliance on the Mid-East for petroleum products have made it difficult for the average family to spend money on durable goods."

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