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The 9/11 Recession

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September 11, 2001 was a day that changed America forever. Four hijacked commercial airliners crashed into some of the United States ' most prized and recognizable landmarks, including the North and South Towers of the World Trade Center in New York City and the Pentagon in Washington, D.C. These attacks shocked our nation and were intended to provoke fear and a sense of vulnerability amongst Americans. Though the emotional impact of the attacks remains significant, one could argue that an equally devastating and long-lasting consequence was the sharp decline that occurred with the economy. The 9/11 terrorist attacks worsened the 2001 Recession, caused a major increase in foreign defense spending, and prompted an unprecedented initiative to…show more content…
Following the 9/11 attacks, the government authorized a large increase in funds and programs designed to improve domestic security. On October 8, 2001, the Office of Homeland Security was created, first led by former Pennsylvania governor Tom Ridge. On November 25, 2002, the Department of Homeland Security was established as a single Cabinet agency at a cost of thirteen billion dollars (Amadeo). Over the ensuing months and years, Congress passed a host of bills that addressed a wide range of homeland security concerns. In December 2001, Congress provided $8.3 billion in emergency aid to "enhance security at federal agencies ' domestic facilities" (Wright and Ichniowski). In 2002, President Bush requested $18.5 billion and $38 billion the following year, which was spread among many agencies, most of which went toward non-construction activity (Wright and Ichniowski). In 2003, $11 billion of the $38 billion was spent on border security, an increase of $2 billion compared to 2002; $5.9 billion for anti-bioterrorism programs up from from $1.4 billion (more than a 300% increase from 2002); and $3.5 billion to cover costs of police, fire and rescue, and other first responders (Wright and Ichniowski). In September 2004, the American Association of State Highway of Transportation Officials collaborated with the Federal Highway Administration and assembled a panel of distinguished engineers, researchers, contractors, and infrastructure owners and operators to discuss how to…show more content…
"How the 9/11 Attacks Still Affect the Economy Today." The Balance, 17 Jan. 2017, https://www.thebalance.com/how-the-9-11-attacks-still-affect-the-economy-today-3305536. Accessed 22 Mar. 2017. Bergeson, Lynn L. "Life After 9/11: The Impact on Environmental Management." Environmental Quality Management, vol. 11, no. 3, Spring 2002, pp. 79-84. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=8gh&AN=6536798. Accessed 26 Mar. 2017. Brooks, Charles. "9/11 Economic Impact." New York Amsterdam News, vol. 93, no. 37, 12 Sept. 2002, p. 3. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=7394245. Accessed. 22 Mar. 2017. Overton, Gail. "Will Full-Body Scanners Keep You Safe and Secure?." Last Focus World, vol. 49, no. 3, Mar. 2013. p. 45. EBSCOhost, search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=86454625. Accessed. Apr. 17. 2017. Polgreen, Lydia. "Study Confirms 9/11 Impact On New York Times." The New York Times, 30 Jun. 2001, http://www.nytimes.com/2004/06/30/nyregion/study-confirms-9-11-impact-on-new-york-city-economy.html?_r=0. Accessed 22 Mar. 2017. Purdy, Elizabeth Rholetter, PhD. "Cyberterrorism." Salem Press Encyclopedia. September 2013. EBSCOhost, search.ebscohost.com/login.aspx?direct=true$db=t60&AN=89677539. Accessed. 17
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