According to a recent BizJournals report, the recession is over in San Francisco. (This is why I am editing this post from my yacht! — EB) Despite a $482.7 million budget deficit and a 10.8% unemployment rate, American Express found a 36% increase in spending from that of a year ago.
The credit card company that primarily caters to those with money noticed an increase in all facets of spending, from restaurants to furniture, extending across all demographics.
“Young people shopped till they dropped in San Francisco,” AmEx said, which is somewhat incongruous with their claim that spending surged in all age groups. However, the mistake is easily forgivable; if you were a 160 year old company, wouldn’t you regard most humans as “young people” too?
Spending more means generating revenues in San Francisco, which means more money, which could potentially mean more jobs. Which apparently means no more recession. Or that most card-carrying American Express customers are materialistic. Capitalism brings recession, spendthrift Americans take it away. Bravo!