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Driving an Uber or a Lyft has been marketed as a means for those with cars to earn a little extra on the side since the launch of the cab-hailing era. However, a new study indicates that drivers are actually losing money when picking up passengers. What’s more, the data also highlights how the American taxpayers are being billed for each ride. Basically, the whole thing is demonstrably a scam.
The study was conducted by MIT researchers who published their findings that included the startling revelation of how much drivers working for Uber and Lyft actually earn. It would appear that on average, drivers make $3.37 an hour, which is lower than the standard minimum wage, and this is what about 73 percent of drivers are dealing with.
After taking the expense incurred by the vehicles, however, the situation becomes even worse for the actual service providers. About 30 percent lose money for every single mile they drive, which essentially amounts to the drivers paying these large companies for the privilege to work for them. It’s an incredibly ludicrous arrangement by any stretch of the imagination.
Additionally, it would seem that profits made with each ride are not taxed thanks to the Standard Mileage Deduction system. Taxpayers are losing billions of dollars a year because of this.
When speaking to The Guardian about the matter, a spokesperson for Uber dismissed the study, saying that it was only going for sensationalism. Unfortunately for that person, MIT is not known for being sensationalist, especially when it comes to scientific matters. It’s not some tabloid in the corner trying to drum up attention for clicks.
As Futurism also notes, these new findings shine a light on a much bigger issue on the so-called “gig economy model,” which basically removes many of the liabilities and responsibilities that companies bear to their workers. It has been considered an untenable model by several financial experts for years, which this study shows in no uncertain terms. Being an Uber or Lyft driver is almost like being roped into a pyramid scam.
