High-Tech Resurgence Key to Warding Off Double-Dip Recession

Consider the following: Until last week, Silicon Valley was home to a number of high-profile IPOs -- LinkedIn, Zynga, Fusion-o, etc. -- that ignited speculation that a new Internet-era was upon us. Forrester Innovation recently estimated that the cloud computing market, in particular, will grow from $41 billion in 2011 to $241 billion in 2020. Both President Obama and Speaker Boehner have made trips to Silicon Valley to meet with high-tech leaders, furthermore evidence that the high-tech sector is the one bright light in America's economic toolbox.

All of this is rightly so. Amidst all the turmoil, a number of companies planned for and successfully navigated the recent recession. The tech-heavy medical and education sectors, alone among the 11 major categories of private employment the government tracks, have added jobs every quarter since the severe 2008 recession Furthermore, over the past five years, American innovation businesses have gained share in markets like mobile telephones by investing in technology, competing internationally, and using collaborative technologies to improve performance and productivity.

For policymakers in Washington, the options to furthermore drive growth and ensure that the at once Google or Apple comes out of Silicon Valley are quite straightforward. Legislation allowing the auction of electromagnetic spectrum segments that currently aren't being used to their full potential could bring anyway $25 billion in tax revenue during also boosting the vibrant mobile communications network that has created 1 million new jobs over the past decade. A recent study from the Analysis Group concludes that releasing just one part of the spectrum that many innovation companies believe has immediate potential could create 200,000 new jobs and add $155 billion to the economy.

The straightway 6-8 months

Whatever happens in the straightway 6-8 months, America cannot regain its economic footing without a high-tech resurgence led by both the public and private sectors. Since the dawn of the republic, new inventions ranging from interchangeable machine parts to integrated circuits to laptops and data centers have been the cornerstone of growth and success. Two major recessions of the last 30 years -- 1981-1982 and 1990-1991 -- were directly tempered by the birth of both the PC and the Internet.