Photo: Pacific Press/Getty Images

Most on-demand companies currently lose money, using investor cash to subsidize their services.

The big picture: That red ink tide could become a tsunami if the minimum wage is significantly increased — via a federal mandate that includes on-demand workers, specific laws aimed at on-demand workers (as recently happened in New York City), or courts ruling that on-demand workers should be classified as employees.

  • It's one thing for a profitable industry like fast-food to absorb increased costs, but much more challenging for companies without a capital cushion. At the very least, growth could slow.
  • There also is talk of unionization, particularly as on-demand workers rarely have benefits like health care or advance knowledge of rate reductions. It is a tough hill to climb, however, as on-demand workers don't share a common facility, directory or other central means of organization.

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2 hours ago - World

Opposition leader Leopoldo López flees Venezuela

Venezuelan opposition politician Leopoldo López outside the Spanish embassy in Caracas, in 2019. Photo: Juan Barreto/AFP via Getty Images

Leopoldo López, a former political prisoner and prominent Venezuelan opposition leader, has left the country, his Popular Will party confirmed in a statement Saturday.

Why it matters: He's been an influential force in the push to oust President Nicolás Maduro's regime and a mentor to opposition leader Juan Guaidó. He'd been in the Spanish ambassador's Caracas residence since escaping house arrest in April 2019 following a failed military uprising.

Obama: The rest of us have to live with the consequences of what Trump's done

Photo: Joe Raedle/Getty Images

Campaigning for Joe Biden at a car rally in Miami on Saturday, Barack Obama railed against President Trump's response to the coronavirus pandemic, saying "the rest of us have to live with the consequences of what he's done."

Driving the news: With less than two weeks before the election, the Biden campaign is drawing on the former president's popularity with Democrats to drive turnout and motivate voters.

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