Paul B. Farrell: Silicon Valley can’t save America’s dying economy
Silicon Valley cant save Americas dying economy
By Paul B. Farrell,
MarketWatch
SAN LUIS OBISPO, Calif. (
MarketWatch) Warning: Silicon Valley is fighting a no-win battle against six fatal headwinds cultural, political and ideological trends that have become hard wired within Americas collective brain, psyche, soul.
These headwinds are making it virtually impossible for our best n brightest innovation and technology geniuses to save America from becoming a second-rate superpower trapped in a no-growth economy.
OK, so you dont believe it? Youre a Silicon Valley superoptimist? Got lots of tech stocks? Believe technology is already building a new world? Saving the future? Youre convinced our best n brightest innovators, entrepreneurs and capitalists will save us, the whole world, civilization, the planet?
Wrong. High-tech solutions cannot and will not prevent Americas economic growths collapsing from an average of greater than 2% GDP growth beginning in 1750, with the Industrial Revolution, but ending a generation ago. Americas GDP is already collapsing. Now, growth is a weak 1.8% on average. Worse, Americas GDP is predicted to sink much further down near the no-growth 0.2% GDP common on the planet for the years and centuries prior to 1750.
New Silicon Valley innovations cant stop a collapsing economy
The clear message in economist Robert Gordons must-read National Bureau of Economic Research paper, Is U.S. Economic Growth over? is that Silicon Valley cant maintain the economy on its own. His paper is guaranteed to make investors lapse into denial if not cardiac arrest, especially hard-core high-tech fans convinced that technology is indeed the miracle worker that can solve all problems and will save the world. ...........................(more)
The complete piece is at:
http://www.marketwatch.com/story/silicon-valley-cant-save-americas-dying-economy-2013-08-24?link=home_carousel