Economic recovery is uneven in Silicon Valley, and elsewhere

City funding of our Resource Center continues to be a priority.  

San Francisco Chronicle/Associated Press, Martha Mendoza, 3/10/13. "Many left behind as Silicon Valley rebounds."

The wealth

....  "The Silicon Valley is adding jobs faster than it has in more than a decade as the tech industry roars back. Stocks are soaring and fortunes are once again on the rise. But a bleaker record is also being set this year: Food stamp participation just hit a 10-year high, homelessness rose 20 percent in two years, and the average income for Hispanics, who make up one in four Silicon Valley residents, fell to a new low of about $19,000 a year— capping a steady 14 percent drop over the past five years, according to the annual Silicon Valley Index released by Joint Venture Silicon Valley, representing businesses, and the philanthropic  Silicon Valley Community Foundation. Simply put, while the ultra-rich are getting even richer, record numbers of Silicon Valley residents are slipping into poverty.

"In the midst of a national economic recovery led by Silicon Valley's resurgence, as measured by corporate profits and record stock prices, something strange is going on in the Valley itself. Most people are getting poorer," said Cindy Chevez, executive director of San Jose-based Working Partnerships USA, a nonprofit advocating for affordable housing, higher minimum wages and access to health care.

The Poverty

....  "The fact is that we have an economy now that's working well only for those at the very top," said Lawrence Mishel at the  Economic Policy Institute  in Washington D.C. "Unless we adopt a new approach to economic policy, we're going to continue going down this path, which means growth that does not really benefit the great majority of people in this country."  Read 2 page article.  Note:  Some direct organization links have been added to the above article.

Related article -  Salon.com, 3/10/13, "Homeless in Silicon Valley", "Tent encampments for the poor in San Jose showcase the region's startling income inequity", article and embedded video.   

Locally related organization -   Pacifica Resource Center.

Posted by Kathy Meeh