Silicon Valley Made a Bunch of Dudes Billionaires, But It’s Making You Poorer | Mother Jones

First the tech industry made your life easier with iPhones, tablets, and smart-everything. But is it also making it harder for you to get ahead?A recent study on global income inequality by the International Monetary Fund identifies technological change as a top factor driving the split between rich and poor worldwide.

Specifically, the study’s authors found that the growth of technology accounts for nearly one-third of the widening gap between the top 10 percent and bottom 90 percent over the past quarter century. Other factors include the globalization of trade and finance.Here’s how tech has contributed to widening the gap: It’s eliminated jobs by automating tasks, and it’s driven up the “skill premium,” meaning jobs that require skills like coding pay more lucratively than traditional blue-collar jobs.

But even tech workers aren’t safe, because their industry’s needs evolve so quickly that they may be made obsolete by the very advancements they’re working toward. In the end, the jobs that pay the most are only for those who can keep up with the changing times, and those who can afford the required education to get a position in the first place.

The study notes that technological change has contributed most to rising income

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