This is not correct. The costs of employing drivers would increase. The driver supply would go down and the price of an Uber ride would therefore increase. This is basic econ.
If uber wants to kill their margins even more by reducing supply and driving up costs, that's their own mistake to make. They instead could keep the service cost that works at the price it's at right now by reducing executive compensation and finding other ways to increase efficiency.
Or they could keep pissing off the people with the monopoly on violence, maybe that'll work long term?
Company’s can reduce pay down to minimum wage, the only way it would force them to pay more is if on average people where making less than minimum wage on average.
