Let’s Revive West Virginia’s Future Fund
Several states with economies dependent on natural resource extraction have had the foresight to create sovereign wealth funds. These are investments funded by a set percentage of severance taxes or royalties collected by the state. West Virginia had a sovereign wealth fund called the Future Fund, but it died in 2023 with a whimper, not a bang. Legislators did not have the discipline from year to year to build and preserve the Fund. The answer is a constitutional amendment that removes from the legislature any discretion not to make deposits into the Future Fund. The political value of solving this problem with a constitutional amendment is plain.
