Calling today's economic effects "the Singularity" waters the term down past recognition; Vinge meant an event horizon beyond which nothing is imaginable.

Incredible watering down -- the Singularity is now redefined to mean "the rate of new firm creation has increased somewhat" Vernor Vinge described the Singularity as an event horizon past which everything (e.g. what happens tomorrow) becomes entirely unimaginable and unpredictable to human understanding