March 14, 2018
Happy Pi Day.
Here are three tidbits from the most recent edition of The Week magazine, which provide some insight into where the money flows (and does not flow) in today’s economy:
– Stephen Schwarzman, the CEO of Blackstone, the world’s largest private-equity firm, took home at least $800 million last year. That is more than SIX TIMES the pay last year of the heads of Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley. Combined. And I looked it up — that’s about equal to the GDP of the Caribbean island nation of Dominica.
– So many people are moving away from the San Francisco Bay area, largely because of soaring housing costs, that renting a U-Haul for a one-way trip from San Jose to Las Vegas now costs roughly $2,000. Cost to rent a truck in the other direction? $100.
– Uber and Lyft drivers in the U.S. made a median profit of $8.85 per hour before taxes. Factoring in such costs as car insurance, repairs and fuel, researchers in an MIT study found that eight percent of drivers actually lose money on the job, and 54 percent earn less than their state’s minimum wage.