Uber, Lyft Prices and Wait Times Are Surging — Here’s Why

Source: Foundation for Economic Education
by Brad Polumbo

“Millions of Americans, myself included, have come to rely on ride-sharing services like Uber and Lyft for convenient and affordable transportation. But in recent months, we’ve seen skyrocketing prices and long wait times just to get a ride. As it turns out, the government is to blame, to no surprise. … Uber and Lyft are experiencing a huge driver shortage. As pandemic restrictions are wound down, consumer demand for their services is fast increasing. But they can’t attract enough drivers to keep up with the demand. … Thanks to an ongoing federal supplementation of existing state-level payouts, these weekly benefits are way above normal levels. Many workers can earn more by staying on unemployment welfare than by returning to work.” (06/04/21)