17 years after the horrific tragedy that occurred on September 11th, 2001, Americans are still looking back on how that fateful day forever changed the course of U.S. history. Specifically, it’s important to note the economic impacts that day had on our future. In memoriam, let’s take a look back on how everything changed.
Looking past just the $8 billion in physical damages that occurred, which pales in comparison to the $14 million in infrastructure losses that came from loss of life. Additionally, the airline and tourism industry suffered $74 million from 9/11. People were deterred from not only visiting the country, but flying altogether as a form of travel.
In terms of Homeland Security and U.S. Defenses, the U.S. increased its spending tenfold. $589 billion was used to increase our country’s defenses. While it was necessary to step up the security and safety of citizens, the increase in spending had a huge impact on the economy.
Additionally, the war on Iraq cost $815 million up until 2014. But none of that compares to the total cost of the war on terror, which is estimated to be $6 trillion. But money was never the prime issue here. It was the loss of life and the sacrifice that first responders made that really changed the country.
