^The original purpose of medallions was not to improve the wages of taxi drivers, but to regulate quality during the 1930s when lots of folks wanted to be drivers and few people were very good at it. There are better ways of maintaining quality than the current system. I would put forward that better quality can be had by introducing competitive forces.
Alternately, even if the reason we have a medallion system is to maintain wages of the drivers, they are failing miserably at that. According to the BLS survey for May 2014, there are 1,340 taxi drivers and chauffeurs in the STL metro area. Assuming that 90% are actually taxi drivers, that's about 1,200 people. The mean annual wage for that category is $24,800, or a mean hourly wage of right under $12. http://www.bls.gov/oes/current/oes_41180.htm#53-0000
Alternately, even if the reason we have a medallion system is to maintain wages of the drivers, they are failing miserably at that. According to the BLS survey for May 2014, there are 1,340 taxi drivers and chauffeurs in the STL metro area. Assuming that 90% are actually taxi drivers, that's about 1,200 people. The mean annual wage for that category is $24,800, or a mean hourly wage of right under $12. http://www.bls.gov/oes/current/oes_41180.htm#53-0000



