Web Application Freelancing

So recently I was looking for some more cash to cover my capital that I've lost in stock market, I've been doing some research on freelance web programming, website building and graphic design.

After few days of research, I've found the entire market is so under priced due to world wide competition. Some people would do asp.net for less than $10 an hour, thats less than 1/3rd of what I am getting paid on my job. I bid few jobs for $20 an hour and I can't even get it, it just shows how much demand there is for the market. Last year I took a part time job at Macy's and getting paid at $9 an hour, I ended up paying over $6 on every 9 dollars I made due to the income coming from my daytime job puts me into a different bracket, so the tax rule isn't really encouraging me to work for projects that I have to report tax incomes.

The income generated from the ads are slowly fading too, so I will have to look at other places for alternative income, oh well.