Takes a look at whether the Sept. 11th attacks will aggravate the current U.S. recession.
Written in 2001; 4,310 words; 6 sources; $ 114.95
Paper Summary:
This paper addresses the question of whether the present recession in the U.S. will be aggravated by the Sept. 11th attacks. The paper looks at how the collapse of the "Internet Economy' in early 2001 which lead to decreased spending and consumer confidence even before 9/11, is causing the Federal Government to work double time to ensure that the US economy is spared an even greater blow than it has already experienced. The paper then examines some of the options available to the government in its efforts to best ensure a return to prosperity.
From the paper:
"One of the most obvious victims of the terror attacks has been consumer confidence ? which was already shaky in the light of the economic slowdown in the months before September ? a slowdown this week confirmed as the economy was declared in a recession back to March...
The Fed's generally positive assessment of the U.S.'s $10-trillion economy last year has shifted, in part due to the terrorist attacks and in part due to the softening economy, which itself must be seen as in part caused by the massive Bush tax rebates that have caused the federal surplus to vanish like mist in the sunlight. Last year at most of its meetings last year it maintained the Discount Rate, this year even as the economy began to slow down, a fact that for the Fed was mitigated by its warnings about the inflationary posed by the nation's tight labor market (the jobless rate continues near its lowest level in a generation) and a sharp rise in energy prices.
The absence of such key economic indicators showing a slowed rate of growth last year prompted the Fed to maintain or raise its Discount rate, just as the presence of a number of economic indicators (such as high unemployment, falling sales of new homes or other indications of disinclination toward consumer spending and a general decline in leading economic indicators that predict how the economy will likely fare in three to six months? time) have this year prompted the Fed to lower its Discount rate. As the high-tech sector continues to disintegrate, consumer confidence continues to fall and the recession has been made official, observers now wonder exactly how low the Fed can go."
From the Paper:
""The Fed's generally positive assessment of the U.S.'s $10-trillion economy last year has shifted, in part due to the terrorist attacks and in part due to the softening economy, which itself must be seen as in part caused by the massive Bush tax rebates that have caused the federal surplus to vanish like mist in the sunlight. Last year at most of its meetings last year it maintained the Discount Rate, this year even as the economy began to slow down, a fact that for the Fed was mitigated by its warnings about the inflationary posed by the nation's tight labor market (the jobless rate continues near its lowest level in a generation) and a sharp rise in energy prices. "
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