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Many years ago my dad took me to his place of work. He showed me the new computer his company had just purchased for over a million dollars (a lot of $$ in the early seventies). It was massive and sat inside its own climate controlled room, a small army of people in white smocks, clipboards/punch cards in hand; moving about.
When technology took that expensive behemoth and put it on a desktop at a price most could afford, an economic Tsunami was started. The driving force behind this new technology was “smaller, faster, cheaper” and the steps to this goal was a quick pace. Many new companies were formed to support this surge and the internet caught the interest of the population. Jobs were springing up everywhere and money came easily to those willing to work and they in turn spent their earnings on homes, cars, vacations, entertainment, and anything else you can think of. This in turn caused another surge in the construction work force, auto plants hired more workers to help keep up with demand, as did the companies making the seats, plastic, glass, metal, stereos….ditto for the computer industry, whether it was in one of the hundreds of companies that made parts for computers, chip makers, board makers, sound cards, video cards, monitors, they all hired more workers, everyone benefited, from film makers to the potato farmer and all were bring home a paycheck and spending like drunken sailors.
Technology kept the pace going with faster computers while the price kept dropping. Companies and individuals were constantly upgrading to the faster computers until the technology itself stagnated in the late nineties.
This was an economic tsunami and the rising tide was raising all boats. This also called “trickle down” economics. Many praised Clinton with the economy, but we could have had Howdy Doody as president and our economy would have prospered regardless. Without doubt, we have some major problems. Pure greed; with a take the money and run attitude; has hurt us all. That doesn’t take away the fact that businesses, with dedication to research and development, fair & honest trade, is a major force that benefits our economy.
I see another tsunami coming in the form of fiber optics communications. This will make your current broadband seem like a dial up in comparison. (Politics is holding this newer technology at bay). Will we be smart enough to put some savings away (conservatism) for the future downturn that will eventually follow or will we once again spend like drunken sailors?
When technology took that expensive behemoth and put it on a desktop at a price most could afford, an economic Tsunami was started. The driving force behind this new technology was “smaller, faster, cheaper” and the steps to this goal was a quick pace. Many new companies were formed to support this surge and the internet caught the interest of the population. Jobs were springing up everywhere and money came easily to those willing to work and they in turn spent their earnings on homes, cars, vacations, entertainment, and anything else you can think of. This in turn caused another surge in the construction work force, auto plants hired more workers to help keep up with demand, as did the companies making the seats, plastic, glass, metal, stereos….ditto for the computer industry, whether it was in one of the hundreds of companies that made parts for computers, chip makers, board makers, sound cards, video cards, monitors, they all hired more workers, everyone benefited, from film makers to the potato farmer and all were bring home a paycheck and spending like drunken sailors.
Technology kept the pace going with faster computers while the price kept dropping. Companies and individuals were constantly upgrading to the faster computers until the technology itself stagnated in the late nineties.
This was an economic tsunami and the rising tide was raising all boats. This also called “trickle down” economics. Many praised Clinton with the economy, but we could have had Howdy Doody as president and our economy would have prospered regardless. Without doubt, we have some major problems. Pure greed; with a take the money and run attitude; has hurt us all. That doesn’t take away the fact that businesses, with dedication to research and development, fair & honest trade, is a major force that benefits our economy.
I see another tsunami coming in the form of fiber optics communications. This will make your current broadband seem like a dial up in comparison. (Politics is holding this newer technology at bay). Will we be smart enough to put some savings away (conservatism) for the future downturn that will eventually follow or will we once again spend like drunken sailors?
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