Uber’s remarkable growth could end the era of poorly paid cab drivers

Economy & Business By: Tad Lumpkin 12:06 pm

And the Free Market does it again

(Washington Post)- Every day millions of Americans hop in their cars to get to work. But in light of the wages UberX drivers are making, the average American could probably make more money by staying in his or her car all day, and driving for the popular ride service.

A major shift is underway on America’s roadways. For a long time, driving strangers from point A to point B paid terribly. Estimates of the typical cab driver’s salary hover around $30,000.

According to Uber, the median wage for an UberX driver working at least 40 hours a week in New York City is $90,766 a year. In San Francisco, the median wage for an UberX driver working at least 40 hours a week is $74,191.

The gap in compensation for providing similar services is astounding, and illuminates the power of Uber, which is using its mastery of technology to steadily disrupt the traditional cab industry. Worldwide 20,000 new drivers a month have joined Uber’s platform in 2014.

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SOURCE: Uber’s remarkable growth could end the era of poorly paid cab drivershttp://www.washingtonpost.com/blogs/innovations/wp/2014/05/27/ubers-remarkable-growth-could-end-the-era-of-poorly-paid-cab-drivers/?tid=hpModule_79c38dfc-8691-11e2-9d71-f0feafdd1394&hpid=z13

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