Comments 1 - 12 of 12 Search these comments
Several weeks ago, I needed a ride home after some late-night drinks about two miles from my place in Washington, D.C. I pulled up the Uber app and entered my address. When the price on the screen popped up, I assumed I’d entered the wrong street, and perhaps the wrong state. I carefully retyped. But the same price appeared on the screen: $50.
That’s outrageous, I thought; $50 for a 10-minute ride? Then I kept thinking. Aren’t gas prices and inflation near half-century highs? Isn’t the labor market so tight that low-paid workers are switching jobs at historic rates? Isn’t nominal wage growth rising fastest for the kind of workers most likely to drive for Uber? Yes, yes, and yes.
It was as if Silicon Valley had made a secret pact to subsidize the lifestyles of urban Millennials. As I pointed out three years ago, if you woke up on a Casper mattress, worked out with a Peloton, Ubered to a WeWork, ordered on DoorDash for lunch, took a Lyft home, and ordered dinner through Postmates only to realize your partner had already started on a Blue Apron meal, your household had, in one day, interacted with eight unprofitable companies that collectively lost about $15 billion in one year.
Great point @AmericanKulak.
Small businesses, like doctors are about to really get screwed. Go to medical school, take on 200k debt, buy a practice for another 500k in debt. Now your medical assistant who you thought you could find for $12 an hour costs $20 and your adjustable rate loans are creeping towards 8% and higher.
Predicting a lot of doctor suicides in next few years.
A lot of Onlyfans women are going to be hitting the streets once incel discretionary income dries up.
One of them told me he has his direct deposit go into coinbase.
https://www.msn.com/en-us/money/news/the-end-of-the-millennial-lifestyle-subsidy/ar-AAYoEp5