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The End of the Millennial Lifestyle Subsidy


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2022 Jun 13, 5:07pm   372 views  12 comments

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Excellent and short piece that sums up what I've been telling my 20 age something employees.

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

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1   Patrick   2022 Jun 13, 6:07pm  


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.


Let's Go Brandon.
2   1337irr   2022 Jun 13, 6:15pm  

Good piece...
3   just_passing_through   2022 Jun 13, 7:05pm  

Uber is frequently over $130 for me to get from DT San Diego to my condo 15 miles away but that's after 1AM :) If I wait until 3-4 the price goes back down to $30 or so.
4   AmericanKulak   2022 Jun 14, 12:09am  

That's a great excuse to have a couple more...
5   AmericanKulak   2022 Jun 14, 12:10am  

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.



So basically the Uber model was like a foreign company dumping at a low price in the US to force it's domestic competitors out of business, then jack up the price.

Wonder how cheap NYC Taxi Medallions are...

But yeah, from a gig I had last summer, I was shocked at how non-chalant Millies - and my ex - were so into doordash and shit. Maybe it was the way I was raised and lived, but I figured if I couldn't drag my fat ass to pick up the Chinese Food 5 blocks away, I could find something to eat in the house. Or take 10 minutes to do downstairs and around the corner to go to the grease truck.
6   AmericanKulak   2022 Jun 14, 12:19am  

ON THE OTHER HAND:

A lot of employers are getting a deserved wage shock. "Come work for our medical office running paperwork and answering phones... $12/hr" says one local ad. Medical Assistant Certification preferred.

I'm like, dumbass, McD's is paying $14/hr for high school students (not graduates) - in Central Florida, not San Diego or New Jersey. $15/hr at the beach.

If you use the word "Certification" your job, again, Central Florida historically a cheaper metro area, better be approaching $20/hr.

Also, 20 miles is basically $5 in a car now. So people have to think "It's 20 miles away, which means it cost me $10 just to show up."

Great freakin' article though, @HunterTits
7   pudil   2022 Jun 14, 4:46am  

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.
8   Misc   2022 Jun 14, 5:35am  

pudil says

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.


Yep, family member just sold his dentistry office. --- Glad he got out when he did.
9   Al_Sharpton_for_President   2022 Jun 14, 5:37am  

Uber to unveil Whore-To-The-Door™
10   Goran_K   2022 Jun 14, 6:03am  

A lot of Onlyfans women are going to be hitting the streets once incel discretionary income dries up.
11   AmericanKulak   2022 Jun 14, 6:09am  

Goran_K says

A lot of Onlyfans women are going to be hitting the streets once incel discretionary income dries up.


"It's oppression for sex workers to have to pay self-employment taxes, reeeee"
12   Al_Sharpton_for_President   2022 Jun 14, 6:22am  

What is OnlyFans?

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