3 ms·

What? Uber saw adjusted EBITDA of $2.5 billion, up 35% year-over-year" in 4q25 (per them). Money poured in. I have no idea why people keep talking about raisi

by imglorp 5mo ago

What? Uber saw adjusted EBITDA of $2.5 billion, up 35% year-over-year" in 4q25 (per them). Money poured in. I have no idea why people keep talking about raising pay is a problem. Workers paid more spend more, stimulating growth at all levels. Economics 101.

gruez 5mo ago
> Workers paid more spend more, stimulating growth at all levels. Economics 101. But per the original study, they didn't get paid more?
philipallstar 5mo ago
Because then fewer people will use Uber. Customers don't have a whole-economy view. If you raised the price of an Uber to $200 a ride minimum, would that be a good thing? After all, workers paid more spend more, stimulating growth at all levels! It's a bit like California raising fast food minimum wages causing thousands of jobs to be lost[0]. [0] https://tfppwire.com/new-data-shows-california-lost-staggering-36565-fast-food-jobs-since-20-minimum-wage-kicked-in https://tfppwire.com/new-data-shows-california-lost-staggeri...
- oblio 5mo ago
  Yeah, about that source: > About > TFPP Wire helps you stay ahead with breaking news, analysis, and bold <<conservative>> insights on the economy, politics, national security, culture, and more. It quotes California Globe: > About Us > California Globe is an independent, professional news website obsessively chronicling everything political throughout the state of California. We are <<pro-growth and pro-business>>, non-partisan and objective; we report what we see and hear without fear or favor. "pro-growth and pro-business" (dogwhistle for conservative), I'm sure their reporting is super unbiased, their sources are obviously not incentivized to distort facts. Oh, wait: > Explained Altaf Chaus, who owns and operates three Burger King franchise restaurants in San Jose Ah, yes, the capitalist is complaining. > By June 2024, <<Stanford University>> found that over 10,000 fast food jobs were already lost. > The "Stanford University" study behind that 10,000-jobs figure is an article titled "California Loses Nearly 10,000 Fast-Food Jobs After $20 Minimum Wage Signed Last Fall," written by economist Lee Ohanian and published April 24, 2024 by the <<Hoover Institution>>. The Hoover Institution is a think tank located on Stanford's campus and affiliated with the university, which is almost certainly why outlets describe it as a "Stanford University" finding. (Hoover itself notes that opinions on its site don't necessarily reflect the views of the Hoover Institution or Stanford University.) > <<Here's the catch: the article has been retracted.>> According to the notice now on the page, the author cited data reported by the Wall Street Journal and interpreted those data as being seasonally adjusted; following publication, those data were identified as not being seasonally adjusted, so the article was retracted to avoid misinformation. The seasonal-adjustment issue matters a lot here, because fast-food employment naturally fluctuates with the seasons, so unadjusted month-to-month numbers can show "losses" that are really just normal seasonal patterns. https://en.wikipedia.org/wiki/Hoover_Institution https://en.wikipedia.org/wiki/Hoover_Institution > It is widely described as <<conservative>>, although its directors have contested the idea that it is partisan. You need a more balanced news diet.

by imglorp 5mo ago

gruez 5mo ago

> Workers paid more spend more, stimulating growth at all levels. Economics 101. But per the original study, they didn't get paid more?

philipallstar 5mo ago

Because then fewer people will use Uber. Customers don't have a whole-economy view. If you raised the price of an Uber to $200 a ride minimum, would that be a good thing? After all, workers paid more spend more, stimulating growth at all levels! It's a bit like California raising fast food minimum wages causing thousands of jobs to be lost[0]. [0] https://tfppwire.com/new-data-shows-california-lost-staggering-36565-fast-food-jobs-since-20-minimum-wage-kicked-in https://tfppwire.com/new-data-shows-california-lost-staggeri...

oblio 5mo ago
Yeah, about that source: > About > TFPP Wire helps you stay ahead with breaking news, analysis, and bold <<conservative>> insights on the economy, politics, national security, culture, and more. It quotes California Globe: > About Us > California Globe is an independent, professional news website obsessively chronicling everything political throughout the state of California. We are <<pro-growth and pro-business>>, non-partisan and objective; we report what we see and hear without fear or favor. "pro-growth and pro-business" (dogwhistle for conservative), I'm sure their reporting is super unbiased, their sources are obviously not incentivized to distort facts. Oh, wait: > Explained Altaf Chaus, who owns and operates three Burger King franchise restaurants in San Jose Ah, yes, the capitalist is complaining. > By June 2024, <<Stanford University>> found that over 10,000 fast food jobs were already lost. > The "Stanford University" study behind that 10,000-jobs figure is an article titled "California Loses Nearly 10,000 Fast-Food Jobs After $20 Minimum Wage Signed Last Fall," written by economist Lee Ohanian and published April 24, 2024 by the <<Hoover Institution>>. The Hoover Institution is a think tank located on Stanford's campus and affiliated with the university, which is almost certainly why outlets describe it as a "Stanford University" finding. (Hoover itself notes that opinions on its site don't necessarily reflect the views of the Hoover Institution or Stanford University.) > <<Here's the catch: the article has been retracted.>> According to the notice now on the page, the author cited data reported by the Wall Street Journal and interpreted those data as being seasonally adjusted; following publication, those data were identified as not being seasonally adjusted, so the article was retracted to avoid misinformation. The seasonal-adjustment issue matters a lot here, because fast-food employment naturally fluctuates with the seasons, so unadjusted month-to-month numbers can show "losses" that are really just normal seasonal patterns. https://en.wikipedia.org/wiki/Hoover_Institution https://en.wikipedia.org/wiki/Hoover_Institution > It is widely described as <<conservative>>, although its directors have contested the idea that it is partisan. You need a more balanced news diet.