That said, much of what he says is spot on. Software is creeping into everything. Education seems obvious. Health Care will be more difficult. A lot of the change will happen in the US.
If we can't invest money, we still can invest our careers.
When you look at someone like Groupon their competitive advantages are "brand", "voice" and "scale", none of which are technological. Facebook, Twitter and Zynga might depend on really impressive development work to widen their moat; but again their potential for profitability is down to a business development team's ability to sell ads and sew up strategic partnerships. They're selling eyeballs, not tech, and the people shouting Bubble are pointing out that eyeballs are fickle, possibly even more so when placed in front of a computer. Advertisers can find other channels too, especially if they're not getting the ROI they want (given the conservatism of media buyers it might even be a disadvantage that unlike display advertising, Groupon, Facebook and Foursquare campaigns can conclusively be proven not to have worked).
You can't really compare FedEx's business model being dependent on software-driven superior logistics management with the public current preferring Facebook to other distractions.
To implement Health Care is an immense systems integration problem.
Having done some system integration work on a much smaller scale, it seems to me that in the US, more universal health care is an effective subsidy of IT for years. I think we can't really expect a working universal health care system for years.
Using Britain as a possible analogy, building the actual master universal health care system to handle billing and invoices and patient care will be a technical and political challenge that will suck resources from patient care to IT [1].
Integration is a difficult problem and with 452 HMOs in the US - even though some will be inevitably consolidated - there will be plenty of IT work [2].
[1] http://en.wikipedia.org/wiki/National_Health_Service_(Englan...
http://en.wikipedia.org/wiki/NHS_Connecting_for_Health
http://www.dh.gov.uk/en/Publicationsandstatistics/Publicatio...
[2] http://www.statehealthfacts.org/profileind.jsp?ind=347&c...
The problem of health care integration is not just solvable, it is already being solved (we are playing our part) but many in the mainstream are still expecting a big system approach and thus missing the small pieces, loosely joined approach that allowed the internet to scale.
A few years ago I visited Phillips. They are the biggest makers of MRIs in the world. As it turns out their software department is bigger then their hardware department.