Bankruptcy Through Other Means: The Government's Overreaction to 9/11
Abstract
The 9/11 attack is one of two events in U.S. history that is unmatched in terms of its psychological impact and associated loss of life. Its aftermath is also unmatched in terms of the government's dramatic overreaction. This overreaction entailed costly governmental reorganization, mobilization for war, and relaxed lending standards designed to spur an economy that fundamentally did not need such intervention. Additionally, the government borrowed from entitlement programs to fund the national response to terrorism. Years of deficit spending, a public debt that has doubled in the last five years, and rapidly depleted retirement and entitlement accounts have been the unfortunate result. While the future impact of such an approach on the individual taxpayer will be dramatic, it pales in comparison to the economic costs involved in maintaining the national power of the world's most indebted nation, the United States. This paper explores the consequences of the Bush administration stance toward fighting the Long War and offers proposals as to what the next administration should do to prevent long-term strategic harm to the nation.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 02, 2008
- Accession Number
- ADA494288
Entities
People
- Christopher D. Long
Organizations
- United States Army War College