Democratic presidential candidate Bernie Sanders confused “revenue” and “profit” in supporting the efforts to unionize the video game industry.
The U.S. senator from Vermont, who’s constantly trailing Vice President Joe Biden in the polls, made the embarrassing basic economics mistake on social media Tuesday.
“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,” Sanders tweeted.
The democratic socialist appears to not differentiate between “profit” and “revenue” – the money company brings in before it deducts workers’ wages and other expenses needed to produce the product. This means that Sanders’ plea for workers to get a share of “that profit” was fulfilled as he was pointing out to revenue.
While the video game industry indeed brought around $43 billion in revenue in the U.S. last year, or about $135 billion worldwide, the profit figure is multiple times lower than the revenue. – READ MORE