Is doing a 1 year MBA after many years of experience in the IT industry worth it?
It seems that you are unsure of what you want from a MBA, besides hoping it might kickstart your career. I think it's important that you first identify exactly what you want from a MBA - your goals. Do you want to gain connections with others in your field? Do you want a job that requires a MBA? After you have identify these goals, ask yourself if a MBA at a certain institution will help you achieve these goals. The degree itself is just as important as where you get the degree. Foreign universities might be cheap, but degrees that come with it might not be highly regarded in the States.

Studying abroad is not the optimal choice in your situation. As a native American, there are plenty of prestigious American institutions willing to diversify their graduation class and scholarships will be available to you - you just have to search or ask for it. Going abroad for only 1 year is definitely not worth the trouble of learning a new language - it will be a distraction to your studies.

I would also disagree with you that the economy in the US is slow. Are there particular reasons why you feel that way?