A fully funded pension system that invests globally outside the government's balance sheet is essentially exactly what a sovereign wealth fund is. Even when it

A fully funded pension system that invests globally outside the government's balance sheet is essentially exactly what a sovereign wealth fund is. Even when it is managed privately (as the Alaska fund is) the government has regulatory control of the fund, which is where the looting is, probably unavoidably, introduced. As for money vs GDP, our discussion on mandatory vs discretionary spending is already one reason why $$$ is far more informative. Dollars can, after inflation, be compared and paint a relatively clear picture. Percent of some other metric, which has often changed wildly over time, is instead more likely just to mislead. So for instance we now spend hundreds of billions of dollars more on the war machine than we did during the Cold War when we were facing a very viable threat of nuclear annihilation. That's an extremely valuable metric that does mean a lot. Why are we spending so much on war? The fantasy about it creating some sort of unstoppable war machine has clearly been clearly shattered. It's not even clear that would have been desirable if true. One thing this administration got completely right was renaming the Department of Defense to its old moniker of Depart of War, because that is what it really is. This reality is completely muddled if you start trying to frame things as percent of some other metric, be that budget, GDP, or whatever else.