A fresh study revealed that the 8 richest households in Silicon Valley regionhas six times as much wealth as the poorest500,000 inhabitants of the region.
Fourth yearly Silicon Valley Pain Index (SVPI) published on 13 June by the Institute of Human Rights San Jose State University (SJSU) revealed this clear inequality in the region.
SJSU sociology prof. Scott Myers-Lipton, the main author of the report, noted: "After developing SVPI for the 4th time, we have a clear knowing of the astronomical wealth gap.
He continued: "It is time for the community and elected officials to make social solutions to remedy 'social pain'"which is highlighted in this yearly report.
By ArcaMax, Myers-Lipton launched SVPI in 2020 after Black Lives substance riots in connection with George Floyd's death.
Similar effort after Hurricane Katrina, which revealed "racial inequality" In his authoritative reaction to the disaster, he inspired a prof. of sociology.
SVPI serves as a meta-analysis of more than 60 fresh investigation and reports on the technology center, defined as Santa Clara and San Mateo counties, published within a year from the 3rd study in June 2022.
It presents 110 statistic in numbers from zero to 1.5 trillion to show how "racial minorities received less Economic, Political, Educational and Social Awards of Silicon Valley".
Data breaking down the wealth of the billionaire class in the region was a fresh addition to the 4th edition of SVPI.
Previously, data was only available for the top 1 percent.
On this basis, the top 1000 percent of households in Silicon Valley have $50 billion in liquid assets or cash – six times the full assets of the lower half of the region, which consists of about 500,000 households.
This figure comes from the February Silicon Valley Index of 2023 developed by the Think tank Joint Venture Silicon Valley (JVSV), 1 of the articles analyzed by SVPI. This besides prompted the president and CEO of JVSV, Russell Hancock, to note: "If Silicon Valley was a country, specified wealth inequalities would be considered politically unstable".
SVPI numbers show economical differences in the American technology center
The numbers of SVPI besides revealed any economical differences among the residents of the American technology centre.
San Jose region ranked number 1 throughout the country for homelessness among young adults aged 18 to 24, with 85 out of 100,000 people.
The index stated that 28 percent of households in Silicon Valley do not gain adequate to meet their basic needs without public or private aid.
Moreover, it turned out that 460,000 residents received monthly grocery bags from a charity - an increase of 80 percent since 2019.
SVPI numbers besides focused on respective large technology companies that call Silicon Valley their home.
Google, Adobe, Intel, and Zoom reportedly donated a full of $72 million to local nonprofit organizations in 2021.
This is just a loose change for these companies, as the amount represented about 0.02 percent of their full revenue.
Overall, the full household assets in Silicon Valley – including real property – increased to $1.5 trillion.
In addition to economical differences, SVPI besides stated a fewer things that worsened in the region, including deaths due to fentanyl, food insecurity, requests for eviction, homelessness among families with children, monthly mortgage credit costs and median household income.
(Related: Homelessness in the California state capital grew by almost 70% since 2019.)
"There is power in reading it this way, due to the fact that inequality is dramatized with expanding numbers" - noted Myers-Lipton.
Responding to SVPI, the Silicon Valley Leadership Group (SVLG), which represents leading technology companies in the region, she said that its members support efforts to alleviate the societal challenges of their success.
"This year's study [SVPI] highlights countless social and economical challenges facing our region, which only deepened as a consequence of economical instability following the pandemic" said SVLG CEO Ahmed Thomas.
Visit CaliforniaCollapse.news, to get more stories on economical inequality in Silicon Valley and another Golden State areas.
See, like Jared Taylor of American Renaissance explains "shocking deficiency of diversity" in Silicon Valley in the video below.
This movie comes from Channel American Renaissance on Brighteon.com.
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Translated by Google Translator
source:https://www.naturalnews.com/
