The End of the Millennial Lifestyle Subsidy
Something beyond rising energy and labor costs is leading to sticker shock on once-cheap urban amenities.
Sign up for Derek’s newsletter here.
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.
, I thought; Then I kept thinking. Aren’t gas prices and inflation near half-century highs? Isn’t the labor market so tight that 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.
