With the US result some friends and I have been discussing who the worst PM was/is.
The problem with a “Future Fund” is that our politics isn’t geared up to handle it. Imagine a kitty of $50 Billion sitting just there and a new party gets in. They’ll spend it, of course. So even if you get a fiscally responsible PM who establishes such a fund, the other party would get in three years later, spend that money immediately on [PROJECT] and then claim all the credit for it.
I think Norway’s has legislation around the percent that can be used now vs what has to be reserved for future generations. Although I agree with the sentiment that the calibre of politicians we elect couldn’t be trusted to think beyond one election cycle.
The thing about legislation is: The new government can make/change/remove it. Unless you enshrine it in the Constitution - and we have a pretty poor track record of changing that.
