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The 9/11 attack had serious impact on the U.S economy both long term and short term. Many Americans during this crisis encountered financial disabilities, while the economy faced a recession. The damages done by 9/11 is largely vast but there a specific categories that it had impacted. The attack affected tourism, homeland security, defense spending, taxes and monetary policy, cost of War on Terror, and escalation and stalemate. The attack of 9/11 was done by airplane collisions, therefore, causing reasonable fear of flying in American citizens. The airline industry suffered great downfall in the business losing a total of $74 billion dollars between 2001 and 2010. Equally, thousands of people who worked in tourism lost their job and faced financial crisis. After the attack, spending on homeland security grew drastically. Vast spending on security was widely supported and amounted to $630 billion. Military bases and drafts increased and established new protocols. Airports became even more strict and less lenient in passenger and luggage examination. This caused the process of exiting and entering the country even longer and stricter. With strict policies and examinations, many did not want to fly out the country in fear of being mis examined and identified. This added to the heavy …show more content…
This act provided tax relief to victims and those who were injured or acquired illness after the attack. However, this greatly disrupted taxes. The Federal Reserve had lower interest rates and New York declined a total of $3.5 billion. In order to support the victims, a higher percentage is taken out of the wallets of those that weren’t. This created instability since there are many that weren’t victims but were workers of consequencing jobs, such as tourism. Many were left jobless, however, they had to pay higher tax for the support of the

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