Even anti-Semite Henry Ford reportedly realized he had to pay his workers enough for them to afford (ahem) to buy his cars. We’re heading for peak Player Piano.
The waitlist phenomenon for Instacart and DoorDash is a stark indicator of labor market saturation that agreggate numbers completely miss. When even the bottom rung of the employment ladder has a queue, it shows the safety valve isn't working anymore. The fact that platforms can now lower wages precisely because of this oversupply creates a vicious cycle where desperation drives more people into the gig economy, which further depresses compensation.
This is brutal and chilling. Also indicative of sectoral disparities, if I'm not mistaken: sans AI, the US economy is functionally un a recession. And given that the horses have been getting spooked about overheated valuations there...
So surprised by so many people waiting in fast food joints for DoorDash orders
Grown adults driving food around
Even anti-Semite Henry Ford reportedly realized he had to pay his workers enough for them to afford (ahem) to buy his cars. We’re heading for peak Player Piano.
The waitlist phenomenon for Instacart and DoorDash is a stark indicator of labor market saturation that agreggate numbers completely miss. When even the bottom rung of the employment ladder has a queue, it shows the safety valve isn't working anymore. The fact that platforms can now lower wages precisely because of this oversupply creates a vicious cycle where desperation drives more people into the gig economy, which further depresses compensation.
This is brutal and chilling. Also indicative of sectoral disparities, if I'm not mistaken: sans AI, the US economy is functionally un a recession. And given that the horses have been getting spooked about overheated valuations there...