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.
This isn’t the first time Sanders appears to have confused revenue of a company with profit for making a political point.
Earlier this month, Sanders crashed Walmart’s annual shareholders' meeting, where he urged the shareholders to ensure living wages for the workers as “the American people are sick and tired of subsidizing the greed of some of the largest and most profitable corporations in this country.”
While Walmart is indeed the company that brings the most revenue in the U.S., its profit put the company only as the 40th on the Fortune 500 list and is just 99th when ranked profit per employee thanks to its 2.3 million workforce.