http://www.nytimes.com/2015/05/03/magazine/want-a-steady-income-theres-an-app-for-that.htmlThis was a pretty interesting article. A few of my thoughts:
- privileged people with high incomes are very distanced from the financial realities of the working poor. "Have you ever used a payday loan?" might be one of the most basic financial questions you could ask a stranger to figure out where they stand on the income ladder.
- people with irregular income could figure out their own average income and "bank" it in savings to cover shortfalls for free. But the real bonus of the app is that the $3 weekly fee gives people with no access to cheap credit 0% loans to cover emergencies or unexpected shortfalls. And the fact that so many people can't figure out how to do this and struggle with payday loans, car title loans, pawning stuff, cash advances, etc.
- "Should we not produce it if it does some bad things?" Services like this might make exploitative or unfair labor practices like last-minute scheduling or sending employees home early with no warning seem less shitty, which does not help low-income workers in the long run. That goes against the tide of some employers that are raising hourly wages for low-income workers (McDonald's) and offering more benefits (Starbucks).
