American Economy after September 11th :: September 11 Terrorism Essays

American Economy after September eleventh"Every president is dealt a hand of cards," said John Shoven, a Stanford University economist and cured fellow at the conservative Hoover Institution. "bush inherited a pretty tough hand."When President Bush took the mathematical function in the year 2000, things were moving smoothly on the surface. Undercover in that respect was havoc. Tragedy of September 11th agitate the world but it shook the US most.Technically speaking, one would say ofcourse it rocked the US, after all it did carry on in US. still if truth be told things went downhill instantly. US saving was affected the most. With the twin towers erased from the surface of the country and economic records in the comprise of ashes- only the wisest of the wise could have pulled the country back from meeting its fate. But with the blessings of the current president, the country met its downfall soon.Facts and figures are understandably given in David Lazaruss rep ort which appeared in the San Francisco Chronicle last year on the 11th of August. He very plainly states that When Bush came to power the U.S. rescue was at the tail end of a dot-com-fueled bubble that couldnt have been carry on under any circumstances. A recession, most economists believe, was all but inevitable. Jared Bernstein, senior economist at the liberal Economic Policy Institute in Washington states The presidents key economic error was to attempt to stimulate the sparing by skewing the benefits of three tax cuts toward wealthy Americans.According to Citizens for Tax Justice, a liberal-leaning Washington think tank, nearly forty percent of the benefits from Bushs tax cuts give go to the richest 1 percent of Americans, those earning on average $1 jillion a year. By contrast, only about seventeen percent of the benefits leave lav go to the sixty percent of the population earning $45,000 or less. "The tax cuts make no sense as a stimulus measure," said dock Mc Intyre, director of Citizens for Tax Justice. "If you want to stimulate the economy, you have to give money to people who dont already have it." Bernstein said a crucial business for many Americans today is that wages are significantly lagging behind inflation. With prices up 3%, the middle classs income has become furthermost worse than how it was four years back. People are now clearly stating that things have become very tough financially.He has made it detect worthy that it would take extraordinary growth -- about 400,000 new jobs a month (august 2004 and November 2004) -- for Bush to avoid the dubious distinction of being the offshoot president since Herbert Hoover to see a net decline in jobs during a term of office.