The Economy During Desert Storm And The Present

2602 words - 10 pages

The economy has its up's and down's as we sometimes say. But what happens when a war is on our hands? How does the public react? How do businesses react? And most importantly, how do our wallets react? Operation Desert Storm had some pretty disheartening affects on the U.S. economy at the start of the 90's and put us into a vast recession. One of the biggest problems we have faced during war is fear and lack of confidence. The events of war that took place in the early 90's seem to have formed a trend that is being followed as we speak. With the war in Iraq upon us, our confidence as a nation has dropped significantly causing the economy to plummet. Businesses have been making massive spending cutbacks as well as over a half million layoffs. The key to the future is employment and with unemployment through the roof, it is evident that things need to pick up significantly if we are going to pull ourselves out of this slump. People are fearful to spend their money and they are holding on tightly. I will further explain the affects that the war in 1990 and the current war have, and are currently having on the U.S. economy. I will focus mainly on how consumer and business spending has been affected, and the reasons behind the changes. "American consumers react to war and hard times by hunkering down, embracing reality and trying to find a few bright spots." This phrase holds a great truth behind Americans. When bad things happen, we quickly try to pick up the pieces, and put them back together. The war in August of 1990 caused a great deal of fear as well as apprehension upon Americans to spend. They postponed all types of big decision making and avoided the purchases of big ticket items that help to fuel the nation's economy. They stopped buying houses, they stopped buying cars, and the economy came to a screeching halt. Americans also stopped traveling. They felt that the risk was just too great. This affected not only airlines, but had a significant impact on the restaurant and hotel businesses. People were afraid. Instead they put their money into military surplus stores where they made purchases on products like gas masks. They also boosted the cable-TV companies. Americans wanted to have minute to minute coverage from TV stations like CNN. Some people were still spending their money, but not enough of it to keep the economy's head above the water. Americans also were feeling very patriotic flooding tattoo parlors requesting tattoos of eagles and American flags. But it wasn't enough. The economy plummeted, and it plummeted fast. Coming into the 90's, the economy was already falling behind. Households generally had high debt and the value of the average home had dropped significantly over the latter part of the 80's. The recession of the early 90's is perceived to have been much worse then it appeared. The main reason behind this is the fact that it was preceded by a long period of slow growth. The late 80's became the start of a...

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