And the U.S. is in a depression. There is no plan for the Federal Reserve to recoup all the 6 trillion plus dollars it's invested in the last few months. Our economic demise is coming soon.
Why do you believe this to be true?
Google, Facebook, Netflix, etc. don’t employ _that_ many workers. Yes, there are contractors associated with each, and localized impact for service workers (now surely less.)
But I’m not sure that we can say tech is saving our economy right now.
Amazon requires people to buy to increase revenue, meaning they have to have spending power already. So they have to either use savings or have income.
Apple the same. Netflix too.
There needs to be more information that Uber, Lyft, DoorDash, etc. are employing more people than before — i.e. backstopping what would otherwise be a crashing economy.
When you look at their numbers, that’s not the case. They’re not seeing explosive growth during the pandemic, despite expectations to the contrary.
If we look to the stock market as a measure of economic strength — and we shouldn’t — it has been propped up by lowered interest rates.
With bond yields as low as they are, investors have to put their money _somewhere_ and stocks are the seemingly appropriate risk/return for the moment. But that’s not a sign of a good economy. Quite the opposite.
- Honesty in financial disclosure?
- Fairness in employment policies?
- Responsibility in data governance and handling?
Something else?
Everyone has learned from microsoft's antitrust trial you want some semblance of a competitor and not look too self serving.
Tech companies in America succeed in spite of our government. And this honestly baffles me. We should be enacting policy that supports, not hinders, the industry that quite literally is the only reason our country currently isn't in a recession.