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baboosaa
Quote:
"We have all heard stories of the American slowdown and about rising unemployment and homelessness in the United States, but a few days in downtown San Francisco really taught me how bad it really is. I have not seen so many beggars and panhandlers and people down on their luck in the United States. And the really weird part was that a lot of these people were white.

Don't call me racist or anything, but in my last two trips to the US there were people asking for spare change on street corners, but you rarely saw white people. And I was in San Francisco two years ago, I did not see so many poor people on the streets. Things are really bad here. On Market Street in downtown San Francisco shops have shut down, including a Virgin Megastore, though the Marshall's store is doing booming business.

Marshall's is a discount store, where large high-street brands sell season-old items or clearance items at prices often 10 per cent of the initially marked price.

Right next to the Marshall's is the San Francisco Center, a huge (though elegant) mall and the largest shopping center in the city, which was relatively empty. Inside, stores, despite the run-up to the US holiday season were discounting heavily and the only people in shops seemed to be tourists passing through the country. With the weak US dollar, the prices were bargain basement even in top brand stores. Heck, compared to mad prices the same brands charge for the same items in malls such as DLF Emporio in New Delhi, one had to be stark-raving mad not to buy stuff in the US.

But this seeming desperation is just a sign of how bad things are here and while the Indian economy is doing well, the sorry state of the US economy ought to get companies and policy-makers in India worried. A weak America is not good for India."

This was in a blog of Kushan Mitra.

Added quote tags. -ocalhoun
menino
The US economy is still recovering, and the general population is skeptical about spending.
But its not just the US economy... its also parts of europe, and other parts of the world as well.

India, China, Brazil, Russia have been doing generally well in terms of their economies (to scale), and the prices of the same items in US will obviously be higher in other parts of the world, but still the US job growth rate is still on the down, and with the current situation, it might be a long time before consumer confidence really kicks in.
captainsuperdude
population cuurves a que hora?
baboosaa
The U.S. economy is recovering at a slower pace than expected, but the government is making efforts to bring down unemployment and boost the economy, U.S. Under Secretary of State Robert Hormats said Wednesday while visiting China.

The recovery is underway, and over the next several months "we will continue to see an increase in economic activity," Hormats said during an exclusive interview with Xinhua Wednesday while attending a trade fair in Xiamen City in southeast China's Fujian Province.

However, the unemployment rate is much higher than the government's expectation. Long-term unemployment is also a "troublesome" problem for the government. He said measures have been taken to address the problem.

"There is still some stimulus money that was appropriated last year that has not been fully spent. And a lot of that has been used for various kinds of projects that are employing people. So our view is that while unemployment is still high, there are a number of programs underway that, over a period of time, will reduce it", he said.

Meanwhile, U.S. President Barack Obama is calling on the Congress to pass new tax relief worth some 200 billion dollars over two years, which is aimed at increasing hiring.

The president on Monday also unveiled a 50-billion dollar plan to expand and renew roads, railways and airports to boost confidence in the economy.

Hormats also said the U.S. government is working hard to encourage and support the efforts of American companies to increase exports to some larger markets to reduce unemployment and boost the economy.

Hormats is attending the 2nd World Investment Forum and the 14th China International Fair for Investment & Trade (CIFIT) in the southeast China city.
shivaghimire
Really, the economy of America is being declined during the time of economic crisis through which most of the countries in the world are affected. The financial institutions, production companies and departmental stores have weak financial position and some of them are on liquidation.The main cause of depression in US economy is using maximum budget in war of Afghanistan and Iraq. The huge investment of budget in war have less focus towards the development of US economy.
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