For decades Technology has improved American Society.
Innovative young entrepreneurs started companies that helped improve the life of American citizens in areas like economic growth, productivity, Healthcare, Education and Communication.
Making these companies and their founders accumulate $17 Trillion dollars in wealth/valuations. Apple 3.7T, Microsoft 3T , Google 2T, Facebook 1.7T , Nvidia 3T, Amazon 2.25T , Tesla 1T
The explosion of social media use around the world has created many problems in society.
About two-thirds (64%) of Americans believe social media has a mostly negative effect on the way things are going in the country today.
Addictive Algorithms - Algorithm-driven targeted ads cause binge shopping, leading to financial and psychological distress, including debt and marital issues.
Hate, Violence and Division - 55% of U.S. respondents frequently encountered hate speech online, with 18% encountering it very often and 37% fairly often.
Misinformation - Eroded public confidence in democratic processes, with false narratives about election integrity leading to decreased trust in electoral outcomes.
Data Privacy - In 2024, 92% of Americans expressed concern about their privacy when using the internet.
Impact on Children - Suicide rates among minors 10-24 is the second leading cause of death.
Fraud and Theft - The FTC reported that scams originating on social media accounted for $2.7 billion in reported losses since 2021
Europe has been aggressive in protecting its citizens. Regulating online intermediaries and platforms, ensuring the protection of users. Preventing the spread of illegal content and disinformation. Protecting individuals' personal data and privacy, granting users greater control over their information.
America has been lagging in protecting its citizens and one of the reasons is the $17 trillion dollars in wealth of the technology companies.
Proposed solutions
Laws - Evaluate current CT laws, compare to other U.S. states, analyze laws of other countries and EU to see how they positively impacted their society.
Education - Delivering digital literacy in communities to assess online content. Use education to mitigate the effects, e.g. showing parents how to restrict phone usage. Fraud scams that are going around.
Communication - Leverage different media websites, Instagram, Facebook, emails, text messages. Launching campaigns that inform the public about online safety practices, the risks of sharing personal information, and methods to identify and avoid cyber threats enhances overall digital security.
Resources - Leveraging existing resources is crucial for enhancing the safety and privacy of citizens on social media platforms. Individuals and organizations can utilize the following tools and guidelines.
Technology - Fact checking stories. iPhone for kids, bully notifications. Adopting t technological measures, social media platforms can create safer environments, protect user privacy, and enhance the overall trustworthiness of their services.
America needs to engage with bright, young leaders who grew up on these platforms and understand the technology and misuse of these platforms to help us solve these issues.
We are looking for funding sources to build and develop a Center for Social Media reform at UCONN Stamford that will address these issues.
Adjunct Professor John Iacovacci
University of Connecticut, Stamford
John.Iacovacci@uconn.edu