WHY THE SHARING ECONOMY IS HARMING WORKERS â AND WHAT MUST BE DONE
In this holiday season itâs especially appropriate to acknowledge how many Americans donât have steady work.
The so-called âshare economyâ includes independent contractors, temporary workers, the self-employed, part-timers, freelancers, and free agents. Most file 1099s rather than W2s, for tax purposes.
Itâs estimated that in five years over 40 percent of the American labor force will be in such uncertain work; in a decade, most of us.
Already two-thirds of American workers are living paycheck to paycheck.
This trend shifts all economic risks onto workers. A downturn in demand, or sudden change in consumer needs, or a personal injury or sickness, can make it impossible to pay the bills.
It eliminates labor protections such as the minimum wage, worker safety, family and medical leave, and overtime.
And it ends employer-financed insurance â Social Security, workersâ compensation, unemployment benefits, and employer-provided health insurance under the Affordable Care Act.
No wonder, according to polls, almost a quarter of American workers worry they wonât be earning enough in the future. Thatâs up from 15 percent a decade ago.
Such uncertainty can be hard on families, too. Children of parents working unpredictable schedules or outside standard daytime working hours are likely to have lower cognitive skills and more behavioral problems, according to new research.
Courts are overflowing with lawsuits over whether companies have misclassified âemployeesâ as âindependent contractors,â resulting in a profusion of criteria and definitions.â¨
We should aim instead for simplicity: Whoever pays more than half of someoneâs income, or provides more than half their working hours should be responsible for all the labor protections and insurance an employee is entitled to.
In addition, to restore some certainty to peopleâs lives, we need to move away from unemployment insurance and toward income insurance.
Say, for example, your monthly income dips more than 50 percent below the average monthly income youâve received from all the jobs youâve taken over the preceding five years. With income insurance, youâd automatically receive half the difference for up to a year.
Itâs possible to have a flexible economy and also provide workers some minimal level of security.
A decent society requires no less.
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