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
Yale to offer free tuition to families making less than $200K, waive all expenses for those making under $100K
Graham pushes back on Tillis’ criticism of Noem, Miller for labeling man killed by Border Patrol a ‘terrorist’
Dozens arrested after protesters take over NYC hotel lobby during anti-ICE demonstration
Border czar Homan meets with Minnesota officials following immigration operation tensions
Iowa man stops Trump at restaurant with unexpected request before speech
Ben & Jerry’s co-founder calls for ICE to be ‘defunded and disbanded’: ‘This is not freedom’
Breaking Video: Ilhan Omar Physically Attacked During Town Hall
Trump launches midterm push in Iowa, warns losses would derail agenda: ‘We gotta win’
Virginia judge voids redistricting push, rules lawmakers overstepped authority
Jimmy Kimmel, Whose Reaction to Charlie Kirk’s Assassination Got Him Suspended, Turns on the Tears for Alex Pretti
Trump returns to his economic script at Iowa rally amid Minneapolis uproar
Alert: Dems’ 2026 Gerrymandering Efforts in Virginia Suffer Devastating Blow
Young brothers die after trying desperately to help each other in icy pond during winter storm: report
Tech tycoon husband arrested after wife found dead below mountain highway in wealthy enclave
Thom Tillis and Lisa Murkowski call for Noem’s ouster as GOP frustrations grow
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.
