Impact of Uber on the US economy – McQueen Rentals Singapore

Impact of Uber on the US economy

Impact of Uber on the US economy: excerpts of David Plouffe’s speech as applicable to Singapore (posted on Uber’s newsroom on November 3 2015)
Uber launched in San Francisco five years ago and today Uber has 1.1 million active drivers on the platform globally with more than 400,000 active drivers taking at least four trips a month

He spoke about the future of work and that a growing number of people are engaging in flexible and freelance work because of the sharing economy or through on-demand platforms.

David noted the positive effects of ridesharing on congestion, safety and emissions. He commented that Uber can help reduce traffic by taking cars off the road, eliminate transportation deserts by connecting underserved neighborhoods to the heart of a city, and save lives by reducing drunk driving.

He also spoke to the significant economic activity generated by the people who drive and ride with Uber and that they are helping people struggling to pay the bills, earn a little extra spending money, or transitioning between jobs. In 2015, drivers have earned over $3.5 billion.

He mentioned that one of the key attractions of the platform is that drivers don’t need to make a long-term commitment. On average, half of all drivers in the U.S. drive fewer than 10 hours a week.

“Basically, Uber offers extra work whenever you want it, and extra money whenever you need it.”

“In a world where more people than ever before are struggling to balance work, family, and bills they can’t pay, ridesharing is a way to put money back in your pocket and time back on your schedule.”

He spoke to the flexibility of never having a schedule.

With platforms like Uber, you can fit work around the rest of your life. And ridesharing is making transportation more affordable for low-income residents all across the world. These are powerful economic effects—and by the way, they’re economic benefits that require zero government funding.

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