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Traffic moved faster in Austin after Uber and Lyft left the city.

Expand chart
Reproduced from Tarduno, 2019, “The Congestion Costs of Uber and Lyft”; Chart: Naema Ahmed/Axios

By the numbers: Daytime traffic sped up by about 3.4%, according to a new paper from Matthew Tarduno, a graduate student at UC Berkeley. That's about 0.1 minutes per mile.

Why it matters: Tarduno's paper shows that Uber and Lyft increase the number of cars on the road, exacerbate congestion, and decrease traffic speeds — even if the effects in Austin were relatively modest.

Background: After Austin insisted that Uber and Lyft drivers pass background checks, both companies ceased operations in the city overnight. (They eventually returned after the state of Texas effectively overruled the city.)

The bottom line: Tarduno calculates that while faster traffic is worth $61 million a year to Austinites, that's roughly the same as the value to citizens of having Uber and Lyft (also known as transportation network companies) in the first place.

  • "TNC activity can be viewed roughly as a transfer," he concludes. "The consumer surplus enjoyed by TNC passengers is of similar size to the time loss incident on incumbent drivers."

Go deeper

GOP Sen. Chuck Grassley announces run for re-election

Photo: Greg Nash/The Hill/Bloomberg via Getty Images

Sen. Chuck Grassley (R-Iowa), the longest-serving Senate Republican, announced on Friday that he's running for re-election in 2022.

Why it matters: The GOP is looking to regain control of both chambers of Congress in the upcoming midterm elections. Several Republicans had urged the 88-year-old senator to run to avoid another retirement after five incumbent senators said they wouldn't seek re-election.

China deems all cryptocurrency transactions illegal

A person walking past China's central bank in Beijing in August 2007. Photo: Teh Eng Koon/AFP via Getty Images

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.