It might not seem like a big deal that Silicon Valley is losing its middle class -
defined as those who make between $30,000 and $80,000 per year.
That is, unless you want to create a company that employs normal
people who make normal wages, which is just about every company
on the planet.
By most accounts, Silicon Valley is doing very well, adding jobs
faster than the US national average. But this lack of reasonably
paid employees is worrisome:
The consequence of the shift may undercut some of the basic
mechanisms of the Valley economy, according to the authors of the
report, by making upward mobility more difficult. "If you lose
the middle, it's harder to support the top," said Doug Henton, an
economist at Collaborative Economics, a research and consulting
firm in Mountain View, Calif., that helps prepare the annual
report.
It's …
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