Unions have traditionally painted themselves as ‘of the people’ and it should come as no surprise that the Californian Federation of Teachers argues on behalf of the 99 percent. A recent animated video, written/directed by Fred Glass, narrated by Ed Asner, with animation by Mike Konopacki paints what they believe to be the ‘Fairy Tale’ of the 1 percent.
The fairy tale is that one day everyone else would be rich and therefore able to take advantage of the tax privileges not afforded to lower income individuals.
I always take issue with any account of US history as being starkly “happy and prosperous.” The 60s and 70s were far from it, but any argument should be allowed at least some poetic license. It is true that the middle class grew significantly in post World War II America so the mischaracterization is somewhat forgivable.
Whether you agree or disagree with CFT’s narrative of the 1 percent perverting the tax system for their favor, its hard to deny the very observable fact that money being used to create more of itself has and will continue to raise serious questions as to what type of regulations, if at all, financial markets can be subject to. Does the state have a place in preventing, reversing, overseeing the way Wall Street operates? The financial services industry is one of the most profitable industries in the world, perhaps some skepticism is warranted of the industries prevailing philosophies, most notably how only wealthy job creators can be the arbiters of a thriving economy.