2003 Presidential Economic Report
There is little doubt that the terror attacks of September 11, 2001have had economic impact both in the United States and in the otherindustrialized nations of the globe. The question is, however, how muchimpact, and, if there has been significant impact, in what areas' Moreimportantly, however, the question might profitably asked: how can onedetermine whether the economic conditions obtaining in the industrializedworld are a result of 9/11 or of other forces pre-existing or co-existingwith the terror attacks and subsequent Bush agenda for coping with the Indeed, it appears, after a brief review of recent literatureconcerning economics in a post-9/11 global setting, that the attacks hadrelatively little to do with direct economic effects and, at best, are acomponent of an economic two-step that has resulted in global softeconomies. The President's 2003 Economic Report also glosses over thedirect effects of 9/11, offering what appear to be relativelyunsubstantiated claims about economic factors, none of which are firmlylinked in the report to any bona fide research; indeed, if the President'sEconomic Report were a research paper, the author would fail.
4 percent annual rate due to theseexpenditures. But it enjoys two factors, at least, that the rest of theEuropean Union lack: "Over the past decade, the Irish Government hasimplemented a series of national economic programs designed to curbinflation, reduce government spending, increase labor force skills, andpromote foreign investment" (Nationmaster. A speakerfor Canada's banks noted that after 9/11 "we quickly and aggressively cutour policy interest rate to shore up confidence. The following figures are basedon 1997 as 100 percent. These interconnections, vis-A -vis the economic conditions post-9/11are made clear by a look at the economic status of major industrializednations in 2000, 2001 and 2002. 25percent, a rate it held fairly constant throughout 2002 (President's Report2003 p. In addition, in fact, many observers see a clearer linkbetween other economic factors and the downturn than they see between 9/11and the decline. The fact that unemployment for the same period was running at 5.
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