The U.S. Economy after September 11

Paper Summary:

This paper discusses the impact of September 11 tragedy on the economic conditions of the United States. The author examines how the economy, which had showed a dismal performance for three consecutive quarters before September, completely collapsed when the disaster struck as consumer spending decreased with lower purchasing power, investment and borrowing declined, all industries reported lower profits and there was an alarming increase in unemployment. The paper also briefly discusses the condition of the airline industry after the tragic events of 9/11.

From the paper:

"The United States economy had already been predicted to go into recession when the tragedy of September 11 struck and accelerated the downward spiral of economic conditions of our country. . The economy crumpled as many industries in the country were hit harshly by the attacks and the slow down finally took shape of recession. After three quarters of poor GDP growth, it was almost certain that the economy was heading towards recession but September 11th attacks only accelerated the negative process. The government has been unable to generate enough Consumer-spending despite several announcements of tax cuts, which are aimed at giving people more purchasing power. Money supply and demand in the market is insufficient to tempt businessmen to increase production."

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