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
Unsealed FBI interviews reveal Obama, Emanuel’s discussions about Blagojevich Senate seat deal
Trump declares victory in historic deal with Greenland as he secures ‘permanent’ US military rights
Fox News Campus Radicals Newsletter: Trump bashing, chilled speech and a major saga renewed
Internet Detectives Are Convinced an Innocuous Converse Sneaker Ad Is Full of White Supremacist Dog Whistles
Hasan Piker calls Bin Laden a ‘spoiled brat,’ labels 9/11 ‘blowback’ in Axios interview
Watch: ‘CBS Mornings’ Suddenly Heaps Praise on Lindsay Clancy Holdout Juror in Light of New Developments
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
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.









