[That is not exactly right. It is more like the Legislators are the Trustees and they are responsible to the People through elections. There is no individual Ownership of the Wealth]
You got basic trust principles right the first line and then oh so wrong with the next.  Given your single-minded approach to the issue I wouldn't be surprised if you were intentionally cherry-picking to ignore simple facts like class gifts that are a staple of trusts (and wills).