Did we ever figure the economic impact of losing the World Trade Towers?

Impact of the terrorist attacks on New York City was estimated at $83 Billion... Do a search on google.com next time you are bored and want detailed answers to all these questions flowing through your brain...

 

What percentage of 20 months of the US GDP is 83 billion?

 

9/11 had an unbelievable effect on our economy especially the insurance industry. Now major companies are scrambling around trying to buy terrorism insurance and the underwriters just aren't making it feasible. Expect insurance hikes in all types of insurance. The industry had to reach way down to pay off those massive costs.

Also for years our premiums have been cheaper than they should have been, the insurance companies had been making up the difference with interest off of investments. Couple the market being down, with the huge financial implications of 9/11, and the rising costs of health insurance and malpractice insurance, and ladies and gentleman it's going to get ugly.

 

Not only insurance increases, but also public transportation in NYC. Just last week, they announced an increase from $63 to $70 for a monthy Metrocard.

 

The 2002 military budget was $350 billion, which was 3.2% of the US 2002 GDP.

Thus, $83 billion is less than 1% of the US's yearly GDP.

 

no, it actually went into effect last week. they announced the fare hike at the beginning of the year.


The Metro Transit Authority is lying to the public, saying it is millions in debt and therefore the reason for a fare hikeis substantial.


in reality, it is revelead that they are actually hiding millions of dollars and not reporting it. we are talking major fraud, but it really has little to do with 9/11

 

Everything i've read has been around 100 billion, 83 billion certainly seems an accurate figure. There are so many conflicting ideas on what the continuing toll will be it is hard to estimate all the future costs. Of course it is still it is an unbelievable human and financial tragedy that was difficult to imagine just 2 years ago.

 

We will not be able to fully analyze the effects - both economic and political - for probably a couple of decades, because it will take that long for things to completely calm down and for the aftershocks (like invading Iraq) to cease. Anyone who tries to guage the economic impact at this point is engaged in folly and will certainly come up with an inaccurate number.

Although it does not surprise me that people like No Worries would attempt to trivialize the costs.

 

Invading a foreign country is an aftershock to you?
Hate to see what you think is an earthquake.

 

North Korea.

 

Yawn. I suppose that you would like me to rejoin with "It does not surprise me people like treeman would attempt to overstate the costs."

BTW, I only posted facts to this thread, not interpretation. This did not stop you from reading between the lines that which was not there.

 

Heretic:

Had 9/11 not happened, Saddam would still be in power right now. The Iraq invasion was a direct consequence of the policy shift that 9/11 spurred, and is liklely not to be the last.

Call it an aftershock or an earthquake, whatever you want to call it. Point is that it was a direct consequence of 9/11, and will not be the last.

No Worries:

What "facts" did you post? That the $83 billion figure was small compared to last year's military budget? Whoopde-do. That "drop in the bucket" is just a "drop in the bucket" of what the long-term economic impact will be.

Did you factor in the "fact" that that very budget rose by billions because of 9/11? Or that many more budgets in the future will be larger than they otherwise would have been because of it? Or that our economic reach will be seriously affected by it, both negatively and positively in differing areas? Or the economic consequences of coming down hard on some of our enemies, stances that would not have changed such without 9/11?

There are a myriad of reasons that the economic impact cannot be reliably estimated at this point, yet you for some odd reason see fit to lock in at $83 billion, simply because it proves some obscure and negative point of yours. You are pissing on the big picture in an effort to keep your narrow perspective intact.

 

Do these figures take in the cost of people's habits that have changed since 9/11? The travel and airlines industries struggling?

The lower spending by business and consumers because people are saving and worrying rather than spending?

I know that my Dad's building business took a hit as potential buyers (high dollar homes) dried up as people usually gave a reason such as waiting until everything settled down.

It seems like the country, economy, businesses, and consumers are still in a "wait and see" mode.

Has that been taken into account in the figures? I'm asking because I don't know...I'm not trying to prove a point or anything.

 

Speaking of 9/11, I went to Blockbuster this weekend and picked up a 9/11 documentary. It was filmed by two French brothers who were in the process of doing a documentary on one of the fire houses close to the WTC. These are the guys that shot the ONLY video of the 1st plane hitting. Needless to say, their documentary on the firefighters turned into a documentary on 9/11. They followed around the firemen that day and have all sorts of footage from inside the 1st tower after it was hit.

One of the most amazing parts, was when the cameraman was inside the lobby of the 1st tower when the 2nd tower collapsed. AMAZING! I could not even imagine what it was like to be there.

Anyway, I think everyone should see this. It really gets ya right where it counts. I highly recommend this.

 

Was this the same one that was originally shown on television? If it was the one I watched it was really intense, a very good documentary.

 

It may have been. Not real sure. It was about 2 hours long. It talked about the rookie fireman, Tony, and how he was the last one to show up at the firehouse. It had footage of the firehouse chaplin dying after the 2nd tower collapsed.

It was indeed intense. Riveting actually. I don't think I moved 1 inch while watching it.

 

the documentary,9/11, is the same one that was aired on CBS on March 11, 2002. it is directed by the Naudet brothers, who were assigned to do a documentary on a rookie firefighter. they ended up catching the most intense footage on 9/11.