Andrew Leonard: Why we hate the new tech boom:
Why do we hate the new tech boom? The answer has two parts. First, there is unsettling realization that the middle is losing economic ground while Silicon Valley execs babble on about “changing the world” for the better. Income inequality is growing ever worse, and it is increasingly clear that one of the forces fueling this trend is the technological innovation flowing out of the Bay Area.
Second: The very fact that this boom is not a bubble, and will not suddenly vanish, means we can’t ignore it, or laugh it away. This is the new normal, and for those not lucky enough to have catered foodie gourmet lunches in brand-new downtown office complexes, the new normal sucks. Back in 1999-2000, the ridiculousness of what was happening was so obvious that it was hard to take it seriously. Everyone knew an economy boom built on online pet product company IPOs was doomed. Sooner or later, the bubble would pop and sanity would be restored and all those annoying dot-commers crowding your favorite bar or restaurant would go back to where they came from. The traffic would finally ease up. But that’s not going to happen this time. The current boom isn’t a flash in the pan, doomed to disappoint arriviste gold miners. It’s here to stay. A mature Internet economy is generating huge riches, and it is remaking the face of San Francisco and the larger Bay Area in the process. But unless you really, truly want a job chauffeuring the new rich around town, or delivering their same-day groceries, or pouring their flights of craft beers--jobs that, incidentally, won’t pay enough to afford you an apartment anywhere in San Francisco--this new boom may not seem worth cheering about.