Technology and Inequality – it’s hard to miss the signs of the gap between the poor and the super-rich in Silicon Valley, a void. It’s a bustling morning in downtown Palo Alto. And, the center of today’s tech boom. Also with the seemingly homeless and their few belongings occupying nearly every available row. Twenty minutes away in San Jose, the largest city in the valley, is the homeless camp known as the jungle, said to be the largest in the country. Also, from the Adobe headquarters to the sparkling, ultra-modern City Hall.
Homelessness is the most visible sign of poverty in the region. But the numbers support first impressions. For example, the median pay in Silicon Valley reached $94,000 in 2013, well above the national median of nearly $53,000. Still, an estimate 31 per cent of jobs pay $16 an hour or less; The lack rate in Santa Claus county. And, the heart of Silicon Vale, is calculate to around 19 per cent when the high cost of living factor includes.
Even some of the biggest tech backers in the region are horrified. “People are begging on the street on University Boulevard. And, [Palo Alto’s main street],” says Vivek Wadhwa of Stanford University’s Rock Center for Corporate Governance. And Singularity University, an educational institution with elite ties to Moffett Field. Silicon valley. “As seen in India,” adds Wadhwa, born in Delhi. Also, “Silicon Valley is a glimpse into the future we’ve created, and it’s alarming.” He adds that many of the wealthy with the avant-garde boom doesn’t seem to care about the “mess they create.”
And Russell Hancock, president of Joint Venture Silicon Valley, a nonprofit that promotes regional development, says the wealth created in Silicon Valley is “more extraordinary than ever”. “But when we had boomed in the tech industry, they removed all the bots. That’s not how things work anymore. And all of an abrupt, you see a backlash, and people get angry.” In fact, people are throwing stones at buses that take Googlers from their San Francisco home to work.
And the anger in Northern California and elsewhere in the United States stems from an increasingly clear reality: The rich are getting richer while many others are struggling. It’s hard not to wonder if Silicon Valley has contributed to this by creating digital technologies. Also, that have eliminated the need for many middle-class jobs. And, rather than exemplifying this growing Technology and Inequality. Moreover, the technology here is debatably evolving faster than anywhere else. Does the region aim for a future like Wadhwa would have, where a few wealthy people hopelessly outnumber the rest of us?
Behind the remarkable success of capital in the 21st Century this year, which was sold by French academic economist Thomas Piketty shortly after its publisher was first published, is undoubtedly a desire to understand why Technology and Inequality take reach such alarming proportions. With many equations, references to the Ancien Regime, and a title reminiscent of Karl Marx and the politics of the late 19th and initial 20th centuries, the 700-page volume seemed like an unlikely candidate for reading. Still, it topped the bestseller charts this spring and stayed on the charts for months.
And economists take long cautioned that inflation-adjusted wages for low- and middle-income workers in the United State. Also, it take remained stable or declining since the late 1970s. And, even as the economy grew.