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Policy Brief: 01-10: Economic Policy Following the Terrorist Attacks

Source: www.petersoninstitute.org
Topic: Economic Policy

Sort Desciption: vestment remained in a slump having. Economic Policy. Following the. Terrorist Attacks. International Economics. October 2001. Policy Briefs ...

Content Inside: America has shown its best side in recent weeks in the efforts to help the victims of September 11. And it is showing its strength as it moves to strike back and tighten se- curity at home. Dealing with the economic impact of these horrendous crimes has appropriately not been the first priority. But of course the economic impact is important. And finding the right economic response to the crisis is a vital part of show- ing the terrorists they have not undermined the strength of America and its allies. Americans had believed they were safe from aggression in their own country but today many understandably feel nervous about the future. Consumer confidence has fallenaccording to a CNN/Time poll 40 percent of consumers plan to cut back on spending and 42 percent plan to cut back travel. Many businesses were directly af- fected by the crisis and many others are cautious about new investments. This policy brief will look at the state of the economy in the aftermath of the attack and at the economic policies that should be used in response to the crisis. Those poli- cies must be chosen that meet the needs of the economy for short-run stimulus while at the same time preserve the strong eco- nomic fundamentals that have supported the extraordinary economic performance of recent years. In short how do we get America (and the world) working again while maintaining fiscal discipline and con- tinuing the thrust of openness and global- ization? The Global Economy Was Already on the Edge of Recession Prior to the attack the economic data were mixed. On the positive side consumer spending was higher in August and seemed to be proceeding normally in early Septem- ber. Motor vehicle sales were running at about the same level as in August and chain store sales were down only slightly. There were some signs the economy was turning the corner. On the other hand in- vestment remained in a slump having Economic Policy Following the Terrorist Attacks International Economi ...

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