Friday, May 09, 2008

Weak US and Zimbabwe Economy

The Wall Street Journal Monday, May 5, 2008

For Tony Crooks, 48 years old, of Austin, Texas, there is little reason for optimism. Laid off from a residential-construction firm in late February, he has been applying for up to eight jobs per week. The only offers pays 20-30% less than he wants to earn, he says.

"A lot of your better jobs are filled," he says. He says that he and his wife, who works for an engineering firm, try to save money by eating at home and avoiding driving. "Vacation is out of the question." he said.

GDP - per capita is $46,000 (2007 est.) The unemployment rate is 4.8%. Population below poverty line is at 12% and inflation is at 2.7%.

Zimbabwe Economy 2008

The government of Zimbabwe faces a wide variety of difficult economic problems as it struggles with an unsustainable fiscal deficit, an overvalued official exchange rate, hyperinflation, and bare store shelves.

GDP per capita is US$500 only (2007 est). The unemployment rate is at an appalling 80%. Population below poverty line is at 68% and inflation is at a whooping 6072%.

In contrast to Zimbabwe, what the US is facing.. pales in comparison and yet......

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