美国应该建立主权财富基金吗？

经济学家和商业领袖辩论特朗普政府建立主权财富基金的提议的优点，类似于中东，欧洲和亚洲的国家。

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.

唐纳德·特朗普总统上周签署了一项行政命令，以建立一个主权财富基金，类似于中东，欧洲和亚洲的国家。

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

这些通常使用盈余财富的资金通过政府美元进行直接投资（例如股票，债券，房地产，股票基金等）来运作。

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

犹他州和新墨西哥州等几个州拥有主权资金，通常是从天然气生产中投资剩余资金的一种方式。

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.

该计划的批评者说，美国正在赤字，主权财富基金的正常方式不适用。特朗普表示，资金可能来自关税，该基金可以用于基础设施项目和制造业。

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

那么，美国应该建立主权财富基金吗？让我们问一下计算机小组。

Economists

经济学家

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

加州大学圣地亚哥分校全球政策与战略学校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：在一个拥有36万亿美元的联邦债务的国家，主权财富基金没有意义。 SWF通常用于保护子孙后代的自然资源财富。例如，尽管油收入波动，但挪威SWF仍为政府提供稳定的收入流。腐败往往会在SWF中盛行，因此一个可行的基金将需要良好的治理和与政客的距离，即使在最好的时候也会挑战。

Norm Miller, University of San Diego

圣地亚哥大学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：什么是天才的想法，投资而不是平衡我们的国家支票簿？也许在我们拥有之后，我们可以将格陵兰和巴拿马运河出售给中国或挪威的主权财富基金，以便在我们自己的基金中，以防关税需要支付我们的债务利息？我们可以将这笔钱投入Dogecoin，Melania-Meme-Coin或DJT股票中，然后在几年内利用收益来偿还国债。 （讽刺）

David Ely, San Diego State University

圣地亚哥州立大学戴维·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：美国主权财富基金有可能提高私营部门的政治干预。投资可以针对政治领导人青睐的行业和公司，对投资决策有影响。这种干扰可能会削弱美国的经济，并损害获得支持的公司的竞争对手。鉴于联邦政府在赤字中运作的情况下，还存在资金的挑战。资源需要重定向以资助该提议的实体。

Kelly Cunningham, San Diego Institute for Economic Research

凯利·坎宁安（Kelly Cunningham），圣地亚哥经济研究研究所

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：政府是美国最大的官僚机构，在研究和发展方面效率低下。企业必须通过成功与客户进行自愿交易来赚取收入。政府没收那些生产并捐赠给那些没有的人的收入。创新和官僚机构很少（如果有的话）一起去。盈利的竞争激发了创新，但集中政府扼杀了竞争。此外，政府融资减少了私人投资，与企业家相比，它对基础研究的客观感知利益的可靠性要少得多。

Alan Gin, University of San Diego

圣地亚哥大学艾伦·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：当政府盈余时，通常会完成主权财富基金。美国目前的赤字巨大，如果延长到期的减税措施，可能会增加。如果联邦政府想在基础设施或其他有针对性领域上花费更多，那么它可以像以前的政府那样通过立法来做到这一点。这接近了保守派过去反对的工业政策领域。

James Hamilton, UC San Diego

詹姆斯·汉密尔顿（James Hamilton），加州大学圣地亚哥分校

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：联邦政府没有任何财富可以投资。美国财政部目前欠公众将近29万亿美元。要创建主权基金，政府将需要更多的借款。投资于奖励总统支持者的项目的激励措施是压倒性的。结果，该基金可能会亏损。喜欢这个想法的共和党人应该记住，有一天，民主党人将重新执政并指导投资。

Executives

高管

Phil Blair, Manpower

菲尔·布莱尔（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：随着华盛顿的所有干扰正在发生，该国需要的最后一件事是通过计划，即使是政府官员也不知道它将如何运作或资助。总统由“关税和其他聪明的事情”资助的回答不足以表明这一想法正在提出任何想法。

Chris Van Gorder, Scripps Health

克里斯·范·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，基金的创建可能不会以一种或另一种方式移动针头，并将以更多的债务负担以更多的债务资助。但是，如果该基金被用来对战略利益进行投资，以进一步的美国，那么这样的基金可以更好地定位和保护我们的国家。

Jamie Moraga, Franklin Revere

杰米·莫拉加（Jamie Moraga），富兰克林·里维尔（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：美国主权财富基金可以稳定政府财政，支持教育和退休等计划，并为子孙后代省钱。包括中国和挪威以及阿拉斯加等州在内的许多国家已经从此类资金中受益。但是，融资仍然是美国的挑战，尤其是考虑到当前的预算赤字。与石油丰富的国家不同，美国需要