The End of the Millennial Lifestyle Subsidy


The End of the Millennial Lifestyle Subsidy


Something beyond rising energy and labor costs is leading to sticker shock on once-cheap urban amenities.

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...


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RSK: This is bitter sweet funny yet so true. Read it and you will be nodding your head in agreement.

Ken Notes: We are quickly developing a warped sense of reality here, NYC teens are charging north of $50 / Hour to babysit. Service workers are asking for $70 / Hour. While supply is upside down and inflation rages on we will see this until we exit the "other world" the pandemic and economy threw us into...

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- - Volume: 10 - WEEK: 26 Date: 6/21/2022 8:53:41 AM -