Don’t let the economy get you down

Monday, May 3, 2010 - 10:33 PM

Seiko Kamikariya

This March, the consumer price index increased .1 percent for the first time in two months in the United States, while in Japan, a 1.1 percent decrease in the CPI raised the fear that deflation will continue.

The Japanese economy may be in a deflation spiral, but some companies are trying to break away from it.

Due to the long-lasting deflation in Japan, fast fashion brands like H&M, UNIQLO and Forever 21 are making inroads into the high-class shopping district of Ginza in Tokyo, where you used to see such big-name brands as Louis Vuitton or Gucci.

The second Forever 21 opened April 29 in Ginza and roughly a thousand people lined up in front of the shop on opening day.

The food service industry in Japan is also experiencing a growth in new services.

McDonald’s opened 12 high-class restaurants in Tokyo. Two-thirds of the menu is 10 to 50 yen higher than the normal price, and the restaurants’ interior design is black instead of the traditional yellow color. Wooden tables and leather chairs complete the chic atmosphere.

They aim to shake off deflation by adding luxury as value.

The worldwide financial panic made everything in the world different. It affected local governments, and they have slashed expenditures on a large scale to dissolve the financial deficit.

As a result, in the United States, as you well know, educational facilities are placed in a predicament with increased tuition, cut services and closed departments.

While we are having a difficult time, big monsters on Wall Street ironically keep enjoying their luxurious lives.

I don’t hate people on Wall Street because I have to pay more than $10,000 for 15 credits with out-of-state and international fees.

I just worry about what the world will be like in the future. The prospects are gloomy with the cutting of expenditures on education.

The future of the world rests upon kids today.

For the past 10 years or so, from the September 11 attacks in 2001 to the Lehman shock in 2008, the world has changed a lot.

Many people may have felt a big change in their attitude toward the American dream.

Because of the financial crisis, you might be uneasy about the future. However, despite such unstable social conditions, I don’t want to give up on the American dream. It is waiting for us to put in the effort to catch it.

And, if we stay flexible, like the shops in Japan, we surely will.

Congratulations to all of the graduates and good luck on your next journey.

Seiko Kamikariya is from Japan and studies marketing. She enjoys drinking beer and eating pizza, not sushi, in the United States. Reach her at perspectives@nevadasagebrush.com.