American Economy after September 11th

American Economy after September 11th

Length: 902 words (2.6 double-spaced pages)

Rating: Excellent

Open Document

Essay Preview

More ↓
American Economy after September 11th

"Every president is dealt a hand of cards," said John Shoven, a Stanford University economist and senior fellow at the conservative Hoover Institution. "Bush inherited a pretty tough hand."
When President Bush took the office in the year 2000, things were moving smoothly on the surface. Undercover there was havoc. Tragedy of September 11th shook the world but it shook the US most.
Technically speaking, one would say ofcourse it rocked the US, after all it did happen in US. But if truth be told things went downhill instantly. US economy was affected the most. With the twin towers erased from the surface of the country and economic records in the form of ashes- only the wisest of the wise could have pulled the country back from meeting its fate. But with the blessings of the current president, the country met its downfall soon.
Facts and figures are clearly given in David Lazarus’s report which appeared in the San Francisco Chronicle last year on the 11th of August. He very plainly states that “When Bush came to power; the U.S. economy was at the tail end of a dot-com-fueled bubble that couldn't have been sustained under any circumstances. A recession, most economists believe, was all but inevitable.”
Jared Bernstein, senior economist at the liberal Economic Policy Institute in Washington states “The president's key economic error was to attempt to stimulate the economy by skewing the benefits of three tax cuts toward wealthy Americans.”
According to Citizens for Tax Justice, a liberal-leaning Washington think tank, nearly forty percent of the benefits from Bush's tax cuts will go to the richest 1 percent of Americans, those earning on average $1 million a year. By contrast, only about seventeen percent of the benefits will go to the sixty percent of the population earning $45,000 or less. "The tax cuts made no sense as a stimulus measure," said Bob McIntyre, director of Citizens for Tax Justice. "If you want to stimulate the economy, you have to give money to people who don't already have it."
Bernstein said a crucial problem for many Americans today is that wages are significantly lagging behind inflation. With prices up 3%, the middle class’s income has become far worse than how it was four years back. People are now clearly stating that things have become very tough financially.
He has made it note worthy that it would take extraordinary growth -- about 400,000 new jobs a month (august 2004 and November 2004) -- for Bush to avoid the dubious distinction of being the first president since Herbert Hoover to see a net decline in jobs during a term of office.

How to Cite this Page

MLA Citation:
"American Economy after September 11th." 25 Apr 2019

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on The Impact of September 11th on America

- The Western World is a constantly changing machine, steadily moving forward in technology, in quality of life, and in culture. These changes are usually controlled and consistent. The terrorist attcks that occurred on September 11th changed all of that. In one morning, four airplanes changed America's quality of life and culture. Americans belived it's country was invunerable to an attack. Two Generations have passed since the last attack on American soil, and that was thousands of miles of the mainland in Hawaii....   [tags: September 11 Terrorism Essays]

Research Papers
608 words (1.7 pages)

Essay on Financial Effects of September 11th

- Financial Effects of September 11th September 11th, like few other dates in the history of our country, will be permanently engraved in all American’s memories. Even though the events of this tragic day are behind us, the economy is still feeling the burden of the terrorist attack on the World Trade Center and the Pentagon. The economy was already experiencing a fall off before the attack. Despite the struggling times, Wall Street analysts believed that with the six Federal Rate cuts, the United States economy could avoid recession....   [tags: September 11 Terrorism Essays]

Free Essays
1549 words (4.4 pages)

Essay about Airline Industry After September 11th

- The terrorist attacks of September 11th caused many changes in our country. Although there were many after effects of the September 11th attacks, the airline industry was most impaired. This paper will explain two factors related to the airline industry that were most affected, the American people and the economy. People had many different reactions to the attacks on September 11th. Some people became more fearful and scared to fly. The airline industry was affected because people were canceling their flights....   [tags: September 11 Terrorism Essays]

Research Papers
628 words (1.8 pages)

Essay about Finanical Crises of September 11th

- ... The weakness in the airline industry pre-9/11 was amplified by the attack that resulted in larger layoffs than previously anticipated. The impact was particularly evident in Manhattan’s real estate, retail trade and tourism. The New York Manhattan area lost roughly 7 percent of its office space in the 9/11 attack, mostly space that supported national and international financial industries. (Federal Reserve Board, 2013) The events of 9/11 further set back an already fragile economy (Figure 2)....   [tags: airlines, attacks, terrorist, federal]

Research Papers
1540 words (4.4 pages)

How the September 11th Attacks Impacted Politics and Business Essay

- The September 11th attacks on the world trade organisation left the world in shock, changing the lives many individuals, organisations, countries and economies. It has affected the world of business and politics in many ways and these effects are still continuing to occur. Following the attack, it was difficult for New York to derive the specific economic costs, hence making it harder for the American government to introduce plans aiming to resolve the situation. However after examining and quantifying the impact of the attack a leading team of New York economists and consultants have detailed the effects....   [tags: September 11 Terrorism Essays]

Research Papers
1752 words (5 pages)

How September 11th Changed American Culture Essay

- As Americans, we used to worry little about war, having enough to eat, travel, freedom, and our most basic everyday activities. The tragic events of September 11, 2001 have forever changed the American way of life. We have become more concerned with our physical safety because of the endless terror attacks in America and other countries. Americans have certainly become more patriotic since September 11. Many of us watch the news to learn of any new terror attack or major offensive against cities in Iraq, Syria, Afghanistan, a variety of countries in Africa, Yemen and numerous other locations....   [tags: September 11 Terrorism Essays]

Research Papers
3775 words (10.8 pages)

The Terrorist Attacks Of September 11 Essay

- The terrorist attacks of September 11, 2001 were horrific and traumatic events that affected not only the United States but had global ramifications as well. The events of that day produced immediate and long term effects on numerous aspects of society. The human tragedy in the loss of human life was immeasurable. The societal effects of 9/11 continue to be present even today as the war against terror continues. It is difficult to measure the societal impacts, but the economic cost of the attacks, have been and continue to be measured....   [tags: September 11 attacks, United States, September 11]

Research Papers
724 words (2.1 pages)

The Effects of September 11 on US Economy Essay

- The Effects of September 11 on US Economy Since the horrific attacks on the United States on Sept 11th, the nation’s economy has greatly dropped into a recession, although the economy was already in trouble before Sept. 11th. Due to this incident and all the effects it has caused, it is right to blame this recession on the terrorist attacks of Sept 11th. Almost half of the states faced budget shortfalls for 2001 or 2002, which caused most peoples lives to change after the attacks. Even the U.S....   [tags: September 11 Terrorism Essays]

Free Essays
714 words (2 pages)

The Longest and Trafic Day in American History: September 11th, 2001 Essay

- September 11th, 2001 marks the longest and most tragic day in American history. It started off as a normal morning, kids waking up to go to school, people getting to work, and others just taking a morning run, As if nothing was going to happen. Then all of a sudden at 8:46 Flight 11 hits the north tower of the World Trade Center in Ney York City. There were 767 on board and 20,000 gallons of jet fuel. It hit on the 80th floor out of 110 stories. Imagine hearing a big sound of an explosion while at work....   [tags: world trade center, osama bin laden]

Research Papers
742 words (2.1 pages)

Impact of the Gulf War, September 11th, and the War in Iraq on the U.S. Constitution

- The Constitution of the United States is the supreme law of the United States of America. It was completed on September, 1787, with its adoption by the Constitutional Convention in Philadelphia, Pennsylvania, and was later ratified by special conventions in each of the original thirteen states. It created a more unified and defined government in place of what was then a group of free and independent states operating under the Articles of Confederation. During its history there have been a numerous number of events which have occurred which have seriously tested this Constitution After conflicts in South Korea, the two World Wars and Vietname the next conflic...   [tags: American Constitution]

Research Papers
1082 words (3.1 pages)

Related Searches

Because it is observed that US is more than a million jobs below than it was at the employment peak in March 2001.
Every now and then newspapers and magazines print the percent of unemployment in the states of US. Only if the president had foreseen the outcome of his doings, he may not have plunged the state into a giant turmoil.
By increasing the security in the airports he made the air travel difficult; Tourism lessened, Airlines went bankrupt and then shut down, travel agencies closed down too. It was basically a chain reaction, downfall of one company led to the downfall of another.
The President’s economic policies didn’t help him one bit; in fact till to this date he’s trying his level best to defend them. When the dismal report on job creation was released in the beginning of August – a negligible amount of jobs were created (32,000) when 240,000 were expected.

Even though the US President said that the economic growth was strong the report proved otherwise. It is seen on a number of occasions that the he usually says one thing when the obvious evidence is yelling another story.
When Bush took office, bankruptcy filings during the previous year totaled almost 1.3 million, down 5 percent from a year before. By Dec. 31, 2003, bankruptcies had hit a record of nearly 1.7 million, up 5.2 percent from 2002, according to the American Bankruptcy Institute – and then Bush says economic growth is strong. I ask him, from which angle does it look strong? This angle or the angle which I’m presenting next? Because at the time he took hold of the office, the unemployment rate was 4.2 percent. It's now 5.5 percent, according to the Labor Department.
I agree that the President’s position was never strong economy wise but then he should have taken advice from economists such as Mr. Shaukat Aziz, Pakistan’s Prime Minister. He was declared the “Finance Minister of the year by Euromoney and Banker’s Magazine” in the year 2001. He could have recovered the losses, if not in 5 years then atleast the country would have seen the rise by now. If a man can rescue the economy of Pakistan from the brink of bankruptcy and of not being implicated in political games, the appeal doubles.
Even though US economy faced crises back to back, it has retained its 52 states. There are a number of companies, some based online some offline and they have a bright future. There’s a lot that this country can do and there is a lot that is already happening. But what America cannot handle is forgetting the past and becoming clumsy. If this happens, then its future will perpetually remain bleak.

Source of Info:
Return to