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Twitter – The Beacon Of American Innovation? Is This Good or Bad?

24 June 2009 No Comment

If you read my blog, I talk a great deal about the American economy and the lack of real growth due to a lack of production and export.  One area of “production” that we still thrive in is technology, especially software / internet technology.  While some of the biggest global phenomenons in the last few years like Facebook and Twitter are both American companies, does this really benefit our economy?

With the recent events in Iran (election & protests), it came to light that Twitter was an important tool for the protestors to organize.  It seems Twitter is everywhere these days.

While America still produces quality products and exports them abroad, its no debate that the numbers have decreased.  America’s manufacturing base in industries such as autos has declined big time over the years.  This has a big impact on the health of our economy.

Despite our constant emphasis that a consumption based economy is a good thing and the government’s attempt to mask core economic issues with cheap money and stimulus, there are real core fundamental flaws with our economy that should be addressed.

Our technology industry is fantastic and innovative.  Companies like Apple, Facebook, Google and Microsoft create high paying jobs and export products abroad which brings wealth into America.  However, how much wealth does Facebook and Twitter bring into America?  These companies do not have proven revenue streams yet; therefore, the economic impact of “exporting” online services such as Facebook and Twitter (which are free) is very questionable.

I hope that we continue to innovate on the internet, but also refocus on the manufacturing base of our country.  We need to export products that we can touch with our hands as well as products that we can use over the internet.  If we don’t, there isn’t a stimulus big enough to grow our economy over the long term and bring real prosperity to future generations.

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