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The vast majority of Uber and Lyft drivers are earning less than minimum wage and almost a third of them are actually losing money by driving, according to researchers at the Massachusetts Institute of Technology.
A working paper by Stephen M. Zoepf, Stella Chen, Paa Adu and Gonzalo Pozo at MIT's Center for Energy and Environmental Policy Research says the median pretax profit earned from driving is $3.37 per hour after taking expenses into account. Seventy-four percent of drivers earn less than their state's minimum wage, the researchers say.
Quick someone tell me about the wonders of the unregulated market and how competition works for everybody.
And while, you're at it, make sure to dump on the medallion system that allowed cabbies to make a living for generations.
https://www.npr.org/sections/thetwo...g-a-median-profit-of-3-37-per-hour-study-says