Over the past two years, I have found Uber and Lyft rides getting more expensive than taxis in several large US cities, including Boston, Chicago, NY, and LA. Taxis are now 10-50% cheaper in my experience.

When I do take Uber and Lyft rides, I ask the drivers how much they're getting paid, and the amounts they tell me are often 30% to 60% less than what I paid, which is a bit shocking to me.

At some point, Uber and Lyft stopped being service providers that charged riders a fee for value provided. They have become market makers that squeeze as much trading profit as possible by arbitraging the prices riders are willing to pay and the rates drivers are willing to accept. I imagine they are capturing most of the value in each ride today. It's perfectly legal, but let's call what it is.

I'm not surprised about the ride-share driver union.

> At some point, Uber and Lyft stopped being service providers that charged riders a fee for value provided.

They were only ever this for about 30 seconds between when they were dumping investor cash to sell dollars for 75¢, and when they realized finally that no one even knew what a taxi was anymore, or how to find one. What literally every "cynic" said would happen.