Actually, no. The pants need to be pulled up. Look how baggy nearly everyones trousers are. It's just how it is out of the box. The shirt needs to be pulled down as well. The blue line should be below his pecks if you're after the perfect look. It can be done then the clothes will sit nice and tight.
Once the trousers are sitting nicely the buckle sits in line with the strap of the pants. You're left with the tiny area of the red and white.
Got any pics?