Lawmakers Encourage Foreigners To Come To U.S., Spend Money
October 4, 2011 by Sam Rolley
Lawmakers in the United States are seeking to add to the long list of imports on the country’s economic dossier; there is a new push to bring shoppers into the country.
Americans feel pain each time they reach for their wallets at the register. So lawmakers, business and White House officials have come up with plans to draw shoppers from China, India and Brazil — countries where poor decisions have not wrecked economic output — to fill the place of American penny-pinchers. The Washington Post reports that this is the first time in the history of the United States that such measures have been taken.
Shoppers are being lured into the country from areas of the world once considered by many Americans to be at the very bottom of the economic totem pole. Many companies are now offering lucrative international travel packages and deals on event hosting in an effort to encourage foreigners to travel to the country to spend money. The White House has even issued statements promising visa reform, to make it easier for people from foreign countries to visit or stay for several weeks.
The U.S. trades with China and other countries to buy a number of goods, which creates about a $45 billion trade deficit as the country exports far less back. Hopes that encouraging foreigners to travel here and spend money on consumer goods will close the gap abound. The U.S. gross domestic product last year grew only 3 percent, while China’s and India’s shot up 10 percent and Brazil’s grew about 7.5 percent. Because of dollar debasement and unprecedented trade rates on many currencies, travelers are able to buy goods in the U.S. much cheaper than in their own countries.