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
Orban accuses Ukraine of terrorist plot against pipeline amid uphill election battle
Megan Rapinoe Back in the Spotlight – And Getting Torched – For Blasting Rule Protecting Women Athletes
Trump claims he’d win as the president of Venezuela — just needs to ‘quickly’ learn Spanish
Steve Daines’ handpicked Senate successor Kurt Alme vows to keep Montana in Republican hands in 2026
CIA Director Says Iran Was ‘Embarrassed’ and ‘Humiliated’ After American Rescue Mission
Woman gives birth midflight as air traffic controller suggests fitting name for baby
Trump and Hegseth lean hard on religion in post-Easter Iran press conference: ‘God is good’
Murder suspect on ICE hold accused of luring teen into death trap where victim’s final plea went unheard
Congress urged to open antitrust investigation into Apple and OpenAI over ‘left-leaning bias’
Trump Reveals Botched Attempt to Send Guns to the Iranian People: ‘I’m Very Upset’
Angel Dad Calls Out His State’s Dem Senators for Ignoring His Daughter’s Killing by Previously Deported Illegal
WATCH: Oklahoma trans attorney jailed for contempt after epic court meltdown
Trump touts airman rescue mission, boasts Iran could be ‘taken out in 1 night’
Israeli justice minister says government should ignore high court ruling on wartime protests
Trump touts drop in egg prices at White House Easter event
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.
