Target: Kevin Hassett, Director of National Economic Council
Goal: Do not move forward with plans for U.S. sovereign wealth fund.
The new administration is acting like it’s governing a nation with a plentiful budget surplus and is playing a dangerous game of economic roulette in the process. Recently, the president suggested he might send out a new round of stimulus checks that would theoretically result from drastic cuts to America’s workforce. Putting Americans out of work and then offering them a one-time check is no payoff. In an even more head-scratching maneuver, the administration is reportedly developing plans for a sovereign wealth fund.
The sovereign wealth fund is somewhat akin to a savings account for a country and is used to make a wide range of investments. Most nations with such a fund have more money in their budgets than money owed. This surplus serves as the foundation for the wealth fund. The problem with this scenario: the United States is burdened with trillions of dollars of debt. In order to have money for the fund, the government would need to go into even more debt. They might even resort to printing extra money in order to buy their own bonds: a practice which would further skyrocket inflation. Or the government would need to rely on vast reservoirs of natural resources it does not possess, or else get these resources from elsewhere (which could be one reason why the president is trying to extort Ukraine for half of its rare earth minerals in exchange for “protection”).
None of these scenarios will build a stable foundation for America’s economic future. Sign the petition below to demand the president’s key economic assistant rethink this ill-advised scheme.
PETITION LETTER:
Dear Mr. Hassett,
A sovereign wealth fund sounds great in theory. The current proposal has promised economic security, amplified financial returns, and fiscal sustainability. Yet the reality will land far from this economic utopia. The cold, hard fact is that sovereign wealth funds benefits countries with money to spare, not nations unable to repay trillions of dollars of debt. A sovereign wealth fund in the United States would be financed by further debt. It would create conditions for higher inflation and would likely come at the cost of American jobs and sacrificed international alliances.
You are a top economic advisor to the president. Please exercise sound judgment and prevent this unsustainable, unstable idea from coming to fruition. The costs far outweigh any envisioned benefits, and time and funds would be far better spent paying down the crippling national debt.
Sincerely,
[Your Name Here]
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31 Signatures