A sovereign wealth fund creates the potential for conflict of interest, on top of its financial vulnerabilities, and should be resisted.
FILE – In this combination of photos, President Joe Biden speaks on Aug. 10, 2023, in Salt Lake City, from left, former President Donald Trump speaks on July 8, 2023, in Las Vegas. Americans might want to burst with bipartisan contentment that President Biden and former President Trump have endorsed the same idea: a sovereign wealth fund.
The United States will likely follow the second example, consolidating any profit from the sovereign wealth fund with its total government budget. That’s what we did with the Social Security trust fund surplus in 1968 – masking the growing budget deficit due to Viet Nam and the Great Society. By contrast, if the sovereign wealth fund loses money, it will be taken off the consolidated budget.
Further, this system works only if the US makes more on its sovereign wealth fund than the interest it has to pay to borrow. Fund-advocates point to the fact that the stock market, over the long-term, has appreciated at a rate faster than the interest rate the federal government has to pay on its long-term bonds. That is precisely the argument that was used by President George W.
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