Effects Of 9/11 On American Economy

774 words - 4 pages

The September 11 attacks were set of four terrorist attacks controlled by al-Qaeda, an Islamic terrorist group. On September 11, 2001, four aircrafts were hijacked by the terrorists; two of the planes hit Twin towers in New York, third hit the Pentagon and the fourth one crashed into a field near Shanksville, Pennsylvania (“9/11 Attacks”). The September 11 attacks had several long-term negative effects that include Social effects, Psychological effects, Physical health effects, Economic effects and many more. But of all those effects, Economic effects were the most suffered ones. The 9/11 attacks triggered the devastation of American economy (Miley). Although it has been 12 years since the episode and America has recovered a lot, American economy still fells some of its effects.
The federal government suffered deficit for 28 years. However, starting from 1998, the government produced surplus for four straight years. The economic conditions were looking bright for future years. In January 2001, the Congressional Budget Office (CBO) estimated that the by 2011, there would be $889 billion surplus if the conditions stay consistent. But due to the 9/11 attacks, American economy collapsed. In 2011, the federal deficit budget was $1.3 trillion. Although 9/11 attacks were not the cause of all the issues, they were the cause of majority of them (Miley). Several steps have been taken by the government to lower down the federal deficit and according to the Treasury Department data; the estimate federal deficit budget for 2013 is $680 billion (Sahadi).
The national average weekly price was $1.53 per gallon and $27.66 per barrel on September 10, 2001; the day before 9/11 attacks. On the day of the terrorist attacks, the price of West Texas Intermediate crude rose to $29.59 a barrel; an increase of 7%. Oil and gas prices began to increase rapidly in 2004 as a result of American-led invasion of Iraq. Gasoline prices rose to $4 per gallon in summer 2008 (Miley). However, recently, average price of gasoline throughout 2013 is estimated to be $3.38 by U.S Energy Information Administration ("What Is the Outlook for Gasoline Prices...

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