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
Dems sidestep past ‘refuse illegal orders’ demands as they challenge Trump’s Iran war authority
Iran could use detained Americans as ‘sweetener’ in nuclear talks, ex-hostage envoy warns
Air Force Academy’s ‘CULEX’ puts thousands of cadets through realistic 24-hour combat simulation
Trump set to read Scripture from the Oval Office during ‘America Reads the Bible’ event starting Sunday
Fox News Campus Radicals Newsletter: Dem teachers groom ‘foot soldiers,’ justice served to anti-Israel group
RFK Jr clashes with Dem lawmaker over Trump’s mental fitness in heated exchange
Gold Star father says prior Afghanistan review smelled ‘like a cover-up’ as new look examines millions of docs
Fact Check: Did Pete Hegseth Accidentally Quote a ‘Fake Bible Verse from Pulp Fiction’?
Skeletal remains found by hikers in Washington state woods identified as woman missing since 2024
Two boys dead after illegal immigrant from Mexico allegedly drove drunk and hit them on a sidewalk
Grieving mothers scorch Dem lawmaker after he pivots during hearing to attack ‘MAGA Republicans’
Newsom PAC bought thousands of memoir copies about his hardships, juicing sales
Fox News True Crime Newsletter: Brian Hooker’s release, Tyler Robinson’s ATF report, DNA in Guthrie case
Report: California Using Taxpayer Funds to Give Homeless Transgender Illegals Sex Changes
Iran Has ‘Agreed to Everything,’ Trump 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.
