Trump and the Biden White House both say the United States should have a sovereign wealth fund. Norway, home to the world’s largest, may offer a few lessons.
The Trump campaign and the Biden administration do not often agree, but they do appear to have at least one new area of overlap: Both say they are at work on proposals for a U.S. sovereign wealth fund, an investment fund owned and operated by the government.
It would not be an obvious policy choice. Around the world, such funds are often associated with autocracy and corruption — and with countries that have surplus to invest rather than mammoth debt. But Norway’s fund, the world’s largest and seen as an economic miracle, shows why the idea has drawn attention and envy from both sides of the aisle.
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