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Oh boo-hoo, Ron Paul was raking in cash with these newsletters!
Really? It's true that Sanchez and Weigel's original 2008 article claimed that a tax document from June 1993 reported an annual income of $940,000 for Ron Paul & Associates [RP&A], listing four employees in Texas (Paul's family and Rockwell) and seven more employees around the country.
Yet, for one thing, it isn't clear that all of that revenue came solely from the newsletters. RP&A was certainly involved in other ventures, for instance in publishing 'The Ron Paul Money Book' in 1991.
But more importantly, income is not profit . This is basic accounting. It is beyond meaningless to state RP&A's income over a given period without mentioning its expenses over the same period. That's to say, Sanchez and Weigel don't even tell us whether RP&A (now-defunct) broke even running the newsletters. And since they never disclosed this ?tax document?, we are not likely to find out.
To allege that ?the publishing operation was lucrative?, like they do, is to engage in duplicity so egregious the word has not yet been coined for it.
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