Wealth Gap Widens in Silicon Valley

The information economy may be firing on all cylinders, but in Silicon Valley more than 60,000 “midwage” jobs — defined as those paying between $30,000 to $80,000 annually — disappeared between 2002 and 2006.

During that same period, however, Silicon Valley employers added more than 66,000 jobs paying less than $30,000.

The Silicon Valley Index, published annually by a public-private consortium, details the changes, many of which contain “good news,” according to the San Francisco Chronicle.

This includes increased worker productivity, more venture capital, and growth in niche markets and new industries, such as “clean tech.”

The report blames outsourcing as one of the main culprits in the exodus of higher-paying jobs, but also calls for more aggressive retraining of workers who have been sidelined by the global economy, and remain unaware of opportunities in other fields.

Source:

“Report: Midwage jobs vanish in Silicon Valley”
San Francisco Chronicle, February 19, 2008

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