Jeremi Suri Nails How Fear Raced Over Reason When It Came To 9/11
Former UW-Madison professor Jeremi Suri remains someone I respect and learn from–even though he no longer teaches at our university. This weekend his words about the impact of how fear outpaced reason when it came to our reaction to 9/11 are worth pondering.
We have lived in fear ever since that terrible day. The irony is that the fear, much more than the terrorists, has done enormous damage to our country.
Our efforts to protect ourselves have increased our suffering and left us less safe. Our policies designed to boost our economy have increased inequality and diminished investments in critical public needs. Most ironic, our fight against hateful terrorists has made us a more hate-filled society.
Out of fear, we fought a long and costly war in Iraq that has made us less safe, less influential and less wealthy. Many Americans are angry about this, and for good reason, but they are directing much of their anger at Muslims rather than trying to bring positive change.
A similar story applies to the management of our economy. Fearing a loss in consumer confidence after the Sept. 11 attacks, President Bush famously told Americans to “go shopping.” In a matter of months, an inherited budget surplus turned into a deficit, with much of the money going to warfare, homeland security projects, tax cuts and other efforts to stimulate the economy. This was followed by reductions in government regulations on lending and business practices, many justified by the fear that restrictive laws would limit the country’s ability to respond to new threats and competition. The 2008 recession triggered yet another set of larger spending projects to bail out bankers and businessmen who were allegedly “too big to fail.”
Fearful spending always makes for bad investment choices. Look at what the record budget deficits after Sept. 11, 2001, bought us: rising inequality, stagnant wages and crumbling public institutions. New spending went to consumers and investors, not the builders of schools, bridges, parks or even sidewalks. Only a few decades ago, American infrastructure was the envy of the world. Now our telecommunications, electric grid and public transportation are just above Third World standards.