Economics of the War on Terrorism :: 9/11 Recession Essays

The choice to bomb the human beings get by Center was much than symbolic. The collapse of the towers coincided with a slowing spherical thriftiness and was probably intended to cause as much economic as physical harm. The crisis go out have deep economic repercussions in a number of areas while some parts of the deliverance entrust be hurt, other sectors whitethorn actually benefit, and it is possible that affixd defense consumption could stimulate the slowing economy in the short run. A global economy requires openness and speed, whereas increased security often entails putting up barriers and walls. The war on terrorism testament also dramatically increase security appeals at every level. Americas distant global commitments may become enormously expensive and draining. The war on terrorism provide decrease consumer spending, the stock market, exchange rates, airline personifys, and immigration rates. Furthermore, how impart a slowing global economy respond and deter iorate the slowing American economy? The terrorist attacks on the World Trade Center will equal New Yorks economy up to 105 billion dollars and 115,000 jobs. Allen Hevesi, the metropolis comptroller, did a recent report of the breakdown of some costs build the World Trade Center as smaller buildings will cost 6.7 billion Repairing and restoring other damaged buildings will cost 5.3 billion encourage of equipment, vehicles, computer systems destroyed will cost 12 billion anomic wages using estimate of 5,600 people will cost 11 billion Clean-up and stabilization of WTC site will cost 9 billion City government overtime, vehicle losses, road building will cost 7 billion Spending by private owners on repairs will cost 1 billion Treating injured, loss of income from injuries will cost 3 billion Lost business and economic activity will cost 21 billion Lost rent for damaged buildings will cost 1.75 billion Lost wages because of companies leaving New York will cost 3 billion. The city will need additional national aid to recover. The long-term impact of the attacks depends on how quickly the nations economy recover and the decisions on where to locate by the companies. The city initially paid for clearing the area and the most visible portion of the cleanup, which was well-nigh a half a million tons of steel, concrete and debris.The World Trade Center attacks were said to be hurting the civilian economy in ways that merely a military engagement handle the Persian Gulf War didnt. MSNBC news reported that because of its global cuticle and long-term nature, the war on terrorism will cost more than the Persian Gulf War, which totaled about $80 billion in constant fiscal-year 2002 dollars.