Effects of 9/11 on American Economy Essay

625 Words 3 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;…