The high cost of preventing death my terrorism

"Ohio State University political scientist John Mueller and Mark Stewart, an engineering professor at University of Newcastle in Australia recently estimated that the U.S. has spent $1 trillion on anti-terrorism security measures since 2001 (this figure does not include the costs of the wars in Iraq and Afghanistan). Assuming that 2,300 Americans might have been killed by terrorists inside the United States, this implies a cost of more that $400 million dollars per life saved. Typically when evaluating the costs of protective regulations, federal government agencies set the value of a life at about $9 million. "However, terrorism is especially frightening (that’s why they call it “terrorism”), so the average citizen might want to spend double the usual amount to prevent a death. But still suggests that on a reasonable benefit-cost basis public and private spending is 20 times too much to prevent deaths from terrorist attacks. Now let’s retrospectively add the tragic 3,000 deaths from the 9/11 attacks to take into account the remote possibility that terrorists might be able to pull off another similarly spectacular assault; that still means that nearly $200 million is being spent per plausible life saved. "A good bit of the trillion dollars has supported measures that threaten our liberties by beefing up the national security state. Since 2001, we all get to enjoy airport security theater; we must carry proper “papers” in order to gain admission to federal buildings; and federal minions have felt free to wiretap without warrants."

http://reason.com/archives/2011/09/06/how-scared-of-terrorism-should