High-Tech Industry Isn't the Solution to the Recession

That's the Big Bad News hidden in those apparently sunny Bureau of Labor Statistics figures. If Silicon Valley were healthy, those wages would have gone down slightly over the past seven years, as employees took pay cuts in order to participate in the high risk/high reward game of entrepreneurship. Instead, what was the greatest new company, new technology, new jobs, new wealth creation engine in history is now broken and sputtering along. Like any other aging business community, the fat cats are rewarding their own, while everyone else watches hope fade away.

High-Tech Industry in Low Spirits

And, if Washington thinks that the high-tech industry is going to pull the country out of the downturn as it has in the past, our government leaders better look elsewhere. Thanks to their efforts, Silicon Valley, still wearing a pretty face, is in grave condition.

This is the opinion of the columnist and in no way reflects the opinion of ABC News.

Michael S. Malone is one of the nation's best-known technology writers. He has covered Silicon Valley and high-tech for more than 25 years, beginning with the San Jose Mercury News as the nation's first daily high-tech reporter. His articles and editorials have appeared in such publications as The Wall Street Journal, The Economist and Fortune, and for two years he was a columnist for The New York Times. He was editor of Forbes ASAP, the world's largest-circulation business-tech magazine, at the height of the dot-com boom. Malone is the author or co-author of a dozen books, notably the best-selling "Virtual Corporation." Malone has also hosted three public television interview series, and most recently co-produced the celebrated PBS miniseries on social entrepreneurs, "The New Heroes." He has been the ABCNews.com "Silicon Insider" columnist since 2000.

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