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
Rashida Tlaib slams anti-israel Arab group over handling of sexual harassment claims
‘Shark Tank’ star backs Trump’s White House ballroom plan amid security concerns: ‘It’s bipartisan’
Grand Jury Indicts 2 Suspects for Assault on Turning Point USA Journalist
DOJ Releases Mirror Selfie of WHCA Dinner Shooter Donning Red Tie, Weapons Arsenal Just Before Attack
Dems’ ‘No Kings’ rhetoric backfires as critics lambaste ‘confusing’ reaction to actual king
Repeat offender with dozens of prior charges arrested for burglarizing church in Soros-backed DA’s county
Animal Farm filmmakers push back on ‘anti-capitalist’ movie criticism
BREAKING: Supreme Court Rules 6-3 That Drawing Congressional Districts Based on Race is Unconstitutional
Two Jewish Londoners stabbed by attacker as mayor laments ‘series of shocking antisemitic attacks’
Scott Peterson’s defense loses bid to introduce witness testimony in long-running fight to overturn conviction
2 suspects indicted in assault of TPUSA reporter Savanah Hernandez during Minneapolis ICE protest: sources
Eaten Up with TDS, Adam Kinzinger Tries to Normalize Attempts to Kill Trump with Volley of Bizarre Posts
Powell could remain at the Fed despite looming end of chair term
Trump’s agenda on razor’s edge as GOP divisions block legislative path in House
Journalist Challenges Jim Acosta to Fight Outside His Hotel
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.
