Imagine poopy-pants Biden in charge of a few trillion of fun money.
That’s where this will end up.
The primary problem is it exposes further the somewhat lack of meaning money has.
Norway has the largest SWF in the world. Over $1T and yes, they own stocks (I think largest Nestle’s shareholder). KSA has a large one, too. They were a big buyer of the Saudi Aramco IPO years ago.
The big issue here is . . . Norway and KSA both fund their SWFs from real money, from oil.
If we were to do such a thing, it would come from borrowed money given the deficit is $2T and our oil exports are miniscule compared to Norway and KSA.
They are used more as pension funds than as market moving entities. When you have all that oil export, you don’t need to care about stock prices. You have plenty of money for your populace without deficit printing a penny.