Spreading America’s tech wealth: Here’s what it will take

The digital economy has concentrated wealth generation, but left many Americans on the sidelines from opportunities to contribute. Tech now has an $11 trillion market cap?in?Silicon Valley alone. And just five cities in the U.S. have soaked up 90% of the innovation job growth over the past few decades, according to a study from the Brookings Institution.

By 2025, there will be 25 million new tech jobs in the U.S. economy. In my new book?Dignity?in?a Digital Age,?I lay out a roadmap to make sure these new jobs are not just?in the Bay Area, Austin, Boston, and New York, but across the entire country. We must spread these good-paying digital job opportunities, especially?in?places left out of the digital economy. Intel’s recent $20 billion investment?in?Ohio that will create thousands of tech and construction jobs is a great first step.

To bridge this economic opportunity gap, policy makers need to invest in overlooked communities. The Endless Frontier Act, which I introduced with Senator Chuck Schumer of New York first back in 2020, would dedicate billions?to applied science research and development, and create at least ten regional tech hubs across the country. This legislation is moving?in?Congress, with a form of it passing both chambers already and will likely be signed into law by the end of the year.

We also need to train a new generation of tech workers across the U.S., not just in our tech hubs. We can do that by launching a national digital corps that will pair tech experts with universities, community colleges and local businesses to create apprenticeship programs to train millions of future tech workers. And we should begin this education process as early as possible, with every K-12 student in the U.S. having access to computer science coursework. We also need to make sure there is more access to online educational programs so people can stay in their communities while learning these new skills without leaving their hometowns.

None of these changes are possible unless they are backed by high-speed, affordable internet. Many rural communities across the U.S. still lack this critical infrastructure. The bipartisan infrastructure bill that passed last year has $65 billion for broadband to ensure every American has good access to the internet and can participate in the digital age.

What do you think? What steps can businesses and policy makers take to help everyone participate and have dignity in the digital age?