Bill Gates Claims Technology Will Revive the US Economy

Bill Gates, the world's richest man, believes the US economy will not fall into a slump because technological progress will help it to grow, he said in an interview with a German newspaper on Thursday. The Microsoft co-founder told Bild he believed the severe turbulence on the global markets sparked by concerns of a recession in the United States would calm down. "The US economy has been very strong in the last 10 to 15 years. Unfortunately I don't have a crystal ball to see into the next few years," Gates said. "But I am an optimist. The US economy could remain strong in the next few years because technological progress will propel it."

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Gates denied he was anxiously keeping an eye on the Microsoft share price. "I'm no expert on shares, I'm a software person," he said. "I look at the share price every couple of weeks. "The important thing is that in the past it has gone up far more often than it has gone down." Gates was in Germany to announce that Microsoft will spend 235 million dollars (161 million euros) over the next five years to introduce more computers into classrooms. He was to address the World Economic Forum in Davos on Thursday. Gates led the Rich List compiled by Forbes magazine for the 13th year in 2007 with an estimated fortune of 56 billion dollars.

News source: Agence France-Presse (AFP)

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I'm not sure, the slump happening right now isn't a technology issue, it's a credit issue (mostly).

But I can see technology helping things recover with the help of other factors.

I agree - It is a credit issue. Not just the country's deficit, but that of the average American who continues to run up a credit card bill thinking that it is some sort of magical payment device, not realizing that they'll have to pay it back. Not to mention all the people who purchased a house way over their budget because they got a good deal on a adjustable rate mortgage and now are in foreclosure.

I see people talking about the national debt so often, but the government is run by people from the same culture. If you can't take care of personal finances properly, why should you be expected to run a business properly.

Anything can happen in a few years. As long as you follow common sense and spend less than you earn, there shouldn't be any major problems, but that's really economics 101.

(Troll said @ #1.1)
Anything can happen in a few years. As long as you follow common sense...

A good friend of mine is fond of saying: "If sense was common, everyone would have it."

I'm not sure of what – if anything – is going to get us out of this mess. But somehow I don't think that "common sense" is going to do the trick. There just isn't enough of that going around.

I disagree with Bill. If somebody doesn't have any money, they can't buy the Technology. Besides, this whole mess is about people buying things they can't pay for.

Ya think that housing thing was bad? Wait till the Credit Card Crunch comes.

(sanctified said @ #4.1)
He is talking about exporting. Technology (and clothing) is what revived Japan.

America imports most of its technology since they sold off most of their tech companies decades ago. I think that only Zenith still makes TVs in America itself now. Of course it revive Japan. Guess who bought up those tech companies bact then? The only way now for Americans to compete with outsourced labor is to work for sub-standard wages and absolutely no benefits nor any protections. Sort of like back in the "good old days" with sweatshops and robber barons where if you spoke out against the company you were killed...

Technology doesn't have to cost anything. It can be a gift from those who do have the money; those that decide their riches can be put to better people's situations (OLPC).

(Mike Frett said @ #4)
Ya think that housing thing was bad? Wait till the Credit Card Crunch comes.

Ain't that the truth. :eek:

ok, maybe im just not reading this right. but how will Americans spending money on products manufactured in asia help the American economy? never mind the fact that we spend hundreds of billions of $ on a war every year. and that the first baby boomers are starting to take social security and Medicare now. that cant have any bearing. oh yeah, and the fact that our ENTIRE monetary policy is based off of one bank, who essentially prints money at will against a vault of gold we aren't even sure is there any more.....

but dont worry folks, booming sales of windows vista will save us.

(Lt-DavidW said @ #7.1)
As the richest man alive, I'm sure he knows a thing or two about economics. :rolleyes:

It also helps to have family connections in high places like IBM....... :suspicious: Isn't that how Bush got into power as well, but in other corporations? We all see just how much of an economic genius he is.

Riiiiight... remember when he thought there would be a computer on every desktop?

Wait, what's this? A computer on (virtually) every desktop? OMG Gates sure doesn't know anything does he! That must be why he's so poor.

(Lt-DavidW said @ #7.1)
As the richest man alive, I'm sure he knows a thing or two about economics. :rolleyes:

He probably knows quite a bit about tax loopholes.

I have a feeling that it will revive once the republicans are out of office and they take their reganomics with them.... Let's hope that none of the "new" batch of republicans get in because they are preaching more of the same failed policies. They just can't get it into their heads that the so-called free market is not for everything especially when it comes to health care and education. Also constant tax cuts for the rich have more than proven they they do not in fact stimulate the economy as the passed 30 years, under republican presidents, have more than shown. First Reagan (Who turned a $1 trillion national debt, that took around 80 years to get, into a $4 trillion national debt in only 8 years.), then under Bush Sr. and now with Bush Jr. using the very same policies that are turning America into a ruined nation. Clinton had succeeded, to a certain extent, on paying some of that debt down which Bush had squander in no time.

(markjensen said @ #8.1)
Funny, I didn't know this was the RWI area... :ermm:

Gates thinks that the economy will be revived by technology which is not true in this case. It will be revived once the republicans are out of office since it is their many failed reaganomic policies which has caused it to falter in the first place.

This discussion belongs in the RWI forum since you really can't talk about the economy without also including politics as well because they strongly influence each other.

The first step towards a recession is people going into the year thinking that there will be one. That stops spending and speeds up the process.

Unfortunately there's no way to get that point out to the 300 million people that live in this country.


How about lie to them? That seems to always work when it comes to invading a nation that isn't a real threat to anyone.....

Bill Gates Claims Technology Will Revive the US Economy

Gates and his weird sence of humor. btw, quit doing wars and that would revive the us economy

(ThePitt said @ #11)

Gates and his weird sence of humor. btw, quit doing wars and that would revive the us economy ;)

$1 trillion lost in Iraq and counting...

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