This morning, Democratic presidential candidate and Vermont Sen. Bernie Sanders (I) tweeted out his support for efforts to unionize the video game industry. He did so in a fashion truly appropriate for the man—one that made it clear that he doesn’t always grasp basic economics:
The video game industry made $43 billion in revenue last year. The workers responsible for that profit deserve to collectively bargain as part of a union. I'm glad to see unions like @IATSE and the broader @GameWorkers movement organizing such workers. https://t.co/Ia5gMG2v0w
— Bernie Sanders (@BernieSanders) June 18, 2019
Pope Leo does ‘6-7’ trend for children at the Vatican
Violent Repeat Offender Left Psych Ward Days Before Allegedly Shooting Up Busy Massachusetts Street
Second FDA executive departing organization in less than a week as top drug regulator claims she was fired
Major Thermos Product Recalled After Causing Vision Loss in Three People
ActBlue CEO faces June 10 grilling after fundraising powerhouse allegedly misled Congress on foreign donations
Democrats’ Top Five Positions That Clash with Biblical Values
Wheelchair-Bound Harvey Weinstein Returns to Court After Illness, Jury Deliberates His Fate in Rape Trial
Hamas, Hezbollah flags fly at anti-Israel protest minutes after Mamdani condemns terror plot against Jews
Spurned spouses cash in as North Carolina’s ‘homewrecker’ law turns cheating into a courtroom jackpot
DA Said Gunman Needed Heavy Sentence And Judge Didn’t Listen: Guess What He’s Charged With Now
How Democratic leadership sank $40 million meant to defend key seats on a gamble that backfired
Trump blasts Sen Bill Cassidy as ‘disloyal disaster,’ pushes challenger Julia Letlow in Louisiana GOP primary
SCOOP: How Trump Admin Is Taking Leftist Terrorism Crackdown Worldwide
Exiled Muslim scholar warns far-left–Islamist alliance behind anti-Israel protests echoes Iran’s rise
Missing American’s husband sat on boat for 24 hours after she vanished in Bahamas, friend says
In the tweet, Sanders confuses “revenue” with “profit.” This is not an insignificant mistake, but it’s one that is common in reporting about large American corporations. All too often, reporters talk about how much money a company takes in without offering any analysis of that company’s expenses. Amazon, for example, despite massive revenues has only recently begun making an actual profit. In the Time story that Sanders links to, writer Alana Semuels similarly fails to differentiate between revenue and profit when covering the efforts to organize.
It’s true that the game industry did bring in $42 billion in revenue last year from customers in the United States (and nearly $140 billion worldwide). But revenue is the money a company brings in before deducting its expenses, like, for example, workers’ wages. So, in reality, video game industry workers did get a cut of those billions. It’s only after such workers are paid (and other expenses are deducted) that we can talk about profit.
Sanders, of course, has a long history of failing to grasp the basics of market economics. He frequently sees marketplace choices as a threat, even as they open avenues and opportunities for our poorest citizens or provide all of us with ever improving mass entertainment.
Story cited here.
