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
Headless, handless body found on New York road 56 years ago identified through DNA; killer remains unknown
Trump Admin Drops the Hammer on School District for Kicking Girls Aside for Trans Athletes
With dogs, dance and uncovered hair, Iranians defy ‘unholy alliance’ of socialists, radicals: ‘Hypocrites!’
Tucker Carlson says voters feel let down by Trump over Iran war
As Dems Attempt to Censure GOP Rep for ‘Anti-Muslim’ Remarks, New Party Darling Celebrated For How Much He Hates Whites
Iran Attempts to Take Credit for Downing US Aircraft, Killing Airmen, Then Fakes Evidence in Profoundly Slipshod Way
Trump-backed Potomac sewage cleanup complete after massive spill ahead of summer America250 celebrations
Nepo-Baby Nazi-Tattooed Dem Senate Candidate Decries ‘Anti-Semitism,’ Claims ‘Anti-Trans’ Agenda Cooked Up By ‘Billionaires’
Woke Woman Who Fed the Homeless for Years Recently Had Jaw Broken by Attacker With Metal Pipe in LA Homeless Park
Christian Teacher Fined $750,000 for Refusing to Agree That There Are More Than 2 Genders – Persecution in the First World
US Forces Decimate Iran Regime’s Military in ‘One of the Most Powerful Bombing Raids’ in History
Illegal Immigrant Accused of Groping Girls at Virginia High School, County Allegedly Protected Him from ICE
Trump DOJ Secures Terror Convictions on 8 Antifa Members in First-of-Its-Kind Crackdown on Blue City Leftism
Obama Presidential Center wants 100 unpaid volunteers while Valerie Jarrett makes $740K
LATE BREAKING: Jewish School Bombed in What Officials Are Calling ‘Targeted Attack’
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.
