Lyft/Uber Fire Workers; Socialists Clueless on Wages
Uber user – free use image
Lyft and Uber are pulling out of Minneapolis because the city council is demanding that they raise wages, making the business model untenable. The Socialists won! Now the workers are unemployed and drawing on social services. As an added bonus, the city lost tax revenue not only from the two companies but also from the workers.
Firms factor in various costs, including wages, rent, insurance, raw materials, utilities, and advertising when considering market prices. If selling at the market price covers all expenses and yields a reasonable profit, they proceed. However, if the costs go up, then the price has to go up. If the increased price is too much for consumers to bear,
