美國應該建立主權財富基金嗎？

經濟學家和商業領袖辯論特朗普政府建立主權財富基金的提議的優點，類似於中東，歐洲和亞洲的國家。

President Donald Trump signed an executive order last week to create a sovereign wealth fund, similar to those of nations in the Middle East, Europe and Asia.

唐納德·特朗普總統上週簽署了一項行政命令，以建立一個主權財富基金，類似於中東，歐洲和亞洲的國家。

The funds, which typically use surplus wealth, operate by making direct investments (like stock, bonds, real estate, equity funds, etc.) with government dollars.

這些通常使用盈餘財富的資金通過政府美元進行直接投資（例如股票，債券，房地產，股票基金等）來運作。

Several states, such as Utah and New Mexico, have sovereign funds as a way to invest surplus money, usually from gas production.

猶他州和新墨西哥州等幾個州擁有主權資金，通常是從天然氣生產中投資剩餘資金的一種方式。

Critics of the plan say the U.S. is operating at a deficit and the normal way a sovereign wealth fund works is not applicable. Trump said funding could come from tariffs, and the fund could be used for infrastructure projects and manufacturing.

該計劃的批評者說，美國正在赤字，主權財富基金的正常方式不適用。特朗普表示，資金可能來自關稅，該基金可以用於基礎設施項目和製造業。

So, should the U.S. create a sovereign wealth fund? Let’s ask the Econometer panel.

那麼，美國應該建立主權財富基金嗎？讓我們問一下計算機小組。

Economists

經濟學家

Caroline Freund, UC San Diego School of Global Policy and Strategy

加州大學聖地亞哥分校全球政策與戰略學校Caroline Freund

NO: A sovereign wealth fund does not make sense in a country with $36 trillion in federal debt. SWFs are typically used to protect natural resource wealth for future generations. For example, the Norwegian SWF provides the government with a stable stream of income despite volatile oil revenue. Corruption tends to run rife in SWFs, so a viable fund would require good governance and distance from politicians—challenging even in the best of times.

否：在一個擁有36萬億美元的聯邦債務的國家，主權財富基金沒有意義。 SWF通常用於保護子孫後代的自然資源財富。例如，儘管油收入波動，但挪威SWF仍為政府提供穩定的收入流。腐敗往往會在SWF中盛行，因此一個可行的基金將需要良好的治理和與政客的距離，即使在最好的時候也會挑戰。

Norm Miller, University of San Diego

聖地亞哥大學Norm Miller

YES: What a genius idea, invest rather than balancing our national checkbook? Maybe, after we take possession, we can sell Greenland and the Panama Canal to the Chinese or Norway sovereign wealth funds to the start our own fund, in case the tariffs are needed to pay interest on our debt? We can put the money into Dogecoin, Melania-Meme-Coin, or DJT stock and then use the gains in a few years to pay off the national debt. (Sarcasm noted)

是：什麼是天才的想法，投資而不是平衡我們的國家支票簿？也許在我們擁有之後，我們可以將格陵蘭和巴拿馬運河出售給中國或挪威的主權財富基金，以便在我們自己的基金中，以防關稅需要支付我們的債務利息？我們可以將這筆錢投入Dogecoin，Melania-Meme-Coin或DJT股票中，然後在幾年內利用收益來償還國債。 （諷刺）

David Ely, San Diego State University

聖地亞哥州立大學戴維·伊利（David Ely）

NO: A U.S. sovereign wealth fund risks elevating political interference in the private sector. Investments could be directed toward industries and firms favored by political leaders with influence over investing decisions. This interference could weaken the U.S. economy and harm competitors of the firms receiving support. There is also the challenge of funding a SWF given that the federal government operates with a deficit. Resources would need to be redirected to fund this proposed entity.

否：美國主權財富基金有可能提高私營部門的政治干預。投資可以針對政治領導人青睞的行業和公司，對投資決策有影響。這種干擾可能會削弱美國的經濟，並損害獲得支持的公司的競爭對手。鑑於聯邦政府在赤字中運作的情況下，還存在資金的挑戰。資源需要重定向以資助該提議的實體。

Kelly Cunningham, San Diego Institute for Economic Research

凱利·坎寧安（Kelly Cunningham），聖地亞哥經濟研究研究所

NO: Government, the nation’s largest bureaucracy, is massively inefficient running investment funding for research and development. Businesses must earn revenue by successfully conducting voluntary transactions with customers. Government confiscates revenue from those who produce and gives to those who don’t. Innovation and bureaucracy rarely, if ever, go together. Profitable competition stimulates innovation, but centralizing government stifles competition. Moreover, government financing lessens private investment, and makes it much less reliable to objectively perceive benefits for basic research than entrepreneurs.

否：政府是美國最大的官僚機構，在研究和發展方面效率低下。企業必須通過成功與客戶進行自願交易來賺取收入。政府沒收那些生產並捐贈給那些沒有的人的收入。創新和官僚機構很少（如果有的話）一起去。盈利的競爭激發了創新，但集中政府扼殺了競爭。此外，政府融資減少了私人投資，與企業家相比，它對基礎研究的客觀感知利益的可靠性要少得多。

Alan Gin, University of San Diego

聖地亞哥大學艾倫·杜

NO: Sovereign wealth funds are usually done when there is a government surplus. The U.S. currently has a huge deficit which could increase if the tax cuts due to expire are extended. If the federal government wants to spend more on infrastructure or other targeted areas, it can do so with legislation, as was done with the previous administration. This gets close to the realm of industrial policy, which conservatives have opposed in the past.

否：當政府盈餘時，通常會完成主權財富基金。美國目前的赤字巨大，如果延長到期的減稅措施，可能會增加。如果聯邦政府想在基礎設施或其他有針對性領域上花費更多，那麼它可以像以前的政府那樣通過立法來做到這一點。這接近了保守派過去反對的工業政策領域。

James Hamilton, UC San Diego

詹姆斯·漢密爾頓（James Hamilton），加州大學聖地亞哥分校

NO: The federal government doesn’t have any wealth to invest. The U.S. Treasury currently owes the public almost $29 trillion dollars. To create a sovereign fund, the government would need to borrow even more. The incentives to invest in projects that reward the president’s supporters are overwhelming. As a result, the fund would likely lose money. Republicans who like the idea should remember that some day Democrats will be back in power and directing the investments.

否：聯邦政府沒有任何財富可以投資。美國財政部目前欠公眾將近29萬億美元。要創建主權基金，政府將需要更多的借款。投資於獎勵總統支持者的項目的激勵措施是壓倒性的。結果，該基金可能會虧損。喜歡這個想法的共和黨人應該記住，有一天，民主黨人將重新執政並指導投資。

Executives

高管

Phil Blair, Manpower

菲爾·布萊爾（Phil Blair），人力

NO: With all of the disruption going on in Washington now the last thing the country needs is a rushed through program that even administration officials do not know how it will operate or be funded. The president’s answer of funded by “tariffs and other intelligent things” is not enough to show any thought is being put into this idea.

否：隨著華盛頓的所有乾擾正在發生，該國需要的最後一件事是通過計劃，即使是政府官員也不知道它將如何運作或資助。總統由“關稅和其他聰明的事情”資助的回答不足以表明這一想法正在提出任何想法。

Chris Van Gorder, Scripps Health

克里斯·範·戈堡（Chris Van Gorder），斯克里普（Scripps Health）

YES: To be sure, the creation of a fund will likely not move the needle one way or another and will be funded with more debt on top of an already-massive debt load. But, if the fund were used to make investments in strategic interests that further the United States, such a fund could better position and protect our country.

是的：可以肯定的是，基金的創建可能不會以一種或另一種方式移動針頭，並將以更多的債務負擔以更多的債務資助。但是，如果該基金被用來對戰略利益進行投資，以進一步的美國，那麼這樣的基金可以更好地定位和保護我們的國家。

Jamie Moraga, Franklin Revere

傑米·莫拉加（Jamie Moraga），富蘭克林·里維爾（Franklin Revere）

YES: A U.S. sovereign wealth fund could stabilize government finances, support programs like education and retirement, and save for future generations. Many countries, including China and Norway, and states like Alaska, already benefit from such funds. However, financing remains a challenge for the U.S., especially given the current budget deficit. Unlike oil-rich nations, the U.S. would need to

是：美國主權財富基金可以穩定政府財政，支持教育和退休等計劃，並為子孫後代省錢。包括中國和挪威以及阿拉斯加等州在內的許多國家已經從此類資金中受益。但是，融資仍然是美國的挑戰，尤其是考慮到當前的預算赤字。與石油豐富的國家不同，美國需要