On Thursday, the Wall Street Journal condemned President Donald Trump’s plan for a sovereign wealth fund, saying the concept “deserves to die in Congress.”
Trump supplied “scant particulars” on what the fund would entail when earlier this week he signed an government order to begin growing the government-owned funding arm, the newspaper’s conservative editorial board wrote.
Whereas Trump’s order claimed it could “promote fiscal sustainability,” “set up financial safety for future generations, and promote United States financial and strategic management internationally,” the Journal argued it could extra possible “take sources from the personal economic system, fund political boondoggles, and mess with the enterprise selections of personal corporations.”
Sovereign wealth funds are usually operated by international locations with surplus revenues however the U.S. “perennially runs price range deficits,” it added.
The fund would “merely be yet another approach for the federal government to commandeer personal wealth for political functions. It can destroy extra wealth than it creates,” it warned. Read the full piece here.
It’s the most recent criticism that’s been leveled at Trump from the Rupert Murdoch-owned media outlet, which has been against the president’s now-postponed hike in tariffs on Canada and Mexican imports — and which it described in a headline as “The Dumbest Trade War In History.”
Trump’s pulling of safety safety from former high aides was “vindictive” and a “new low,” the newspaper mentioned final month.
