Slow and Steady: The Road to Recovery.
Osama Bin Laden impacted America's perception forever and has influenced the United States" economy in many ways. After one terrible day in mid September, America's future was changed and our economy was altered. Though some speculate that Osama Bin Laden's strike weakened our economy beyond the point of fast recovery, some believe that the only impact inflicted was minor "scrapes and bruises". How serious was the U.S.'s economy impacted after September 11th?.
"The United States economy has proven to be very resilient." Despite damage exceeding $120 billion and an overwhelming deal of anxiety, almost two years after the attacks the United States is still in the midst of a "slow" economic recovery. Consumer confidence is still increasing at a slow rate and household spending still lacks in comparison to the days before the attacks.
After the tragedies of September 11, consumer spending fell dramatically. Spending fell as a result of a drop in equity wealth and the Dow Jones Industrial Average recorded its "biggest weekly decline since the Great Depression". The multiplier effect of both declining wealth and falling consumer confidence caused final sales to drop by 1.5 percent the week of September 15, 2001. Also, loss of productive and financial capital from the September 11 incident (including replacement value of structures, equipment, and software) was estimated to be between $10 billion and $30 billion. Moreover, the cost of insurance claims has been "estimated to be around $42 billion (which is the largest in the history of the National Income and Productivity Accounts)". .
After the attack, Congress quickly approved $40 billion in "emergency discretionary appropriations" which included $18 billion for defense and $22 billion for non-defense items. Of the $22 billion, $16 billion is for combating terrorism, improving homeland security, and providing aid.