Can Cloud Computing Save The American Economy?

The American dream is in peril from the confluence of sky rocketing deficits, high unemployment, and the ticking time bomb of an aging baby boomer generation, with its coincident increase in the burden of entitlements as a percentage of GDP. For the first time, the next generation of Americans, our grandchildren, risk having a lower standard of living than we enjoyed. It is not a problem that can be remedied with tax increases and budget reductions. We will not save or cut our way back to economic prosperity.

The way forward is innovation. America must innovate its way out of economic stagnation and back to economic growth. As has been the case for the last 150 years, Americans have always responded well in a crisis and yet again, we are well positioned to lead the world out of this one. Want proof?

American businesses systemically and culturally react fast. Two years after the economic downturn began the United States was generating 97% of its economic output with only 90% of the labor. This sort of gain in productivity ultimately translates into increased economic activity, the ability to pay down debt and a higher standard of living for those of us who are employed. Unfortunately it does not directly address the issue of unemployment.

Read More of Art Coviello’s Blog Post on Forbes.com