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
Paying for Klan Hoods, Cross Burnings, And an Imperial Wizard – The 6 Worst SPLC Sins Alleged in New Indictment
Report: Karmelo Anthony Has Visible Reaction as Intense Body Cam Footage Is Played in Court
Eric Schmitt rips Hirono over denaturalization bill: ‘You’re damn right we’re deporting’ criminals
Natasha Owens drops ‘TDS’ song and music video: ‘You tested positive’
Reporter’s Notebook: GOP bets on fraud crackdown as economic woes surge ahead of midterms
California election limbo fueled by 4 pressure points dragging out vote count, expert says
America at 250: The American Dream Still Begins With Marriage
Karen Read says she gets free meals and discounts everywhere after not guilty verdict
The People Connected to the New UFO Reveals Give Good Reason for Skepticism
DC Circuit grills DOJ over White House bid to continue building ballroom
Video shows Marine veteran wrestle armed teen to ground after alleged robbery attempt
Bondi’s replacement saddled with Epstein baggage as he awaits grueling confirmation battle
Schumer rips Senate Republicans for passing billions in ICE and Border Patrol funding in late-night vote
Democrat Abdul el Sayed clinches UAW support over primary rivals for Michigan Senate
Bessent flips script on shouting Democrat: ‘No wonder people are leaving’ his blue state
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.
