The Alaska state legislature, notorious for corruption, passed a bill to trim the public's portion of oil revenues and natural resources sales by limiting Permanent Fund Dividends at 1000 dollars. No one put a limit on government spending or public debt of course. It is easy for politicians to rationalize taking money directly from the poor, students, minors etc and giving it to the government.
http://www.ktuu.com/content/news/Senate-passes-bill-placing-1000-cap-on-Permanent-Fund-Dividend-382058471.html
State insiders traditionally kick back to special interests in and out of government instead of using intelligent economic development ideas. So the first time they have revenue shortfalls they seek to make it up by trimming the public's earnings from the Permanent Fund.
The Alaska Permanent Fund was created by former Governor jay Hammond to assure that ordinary Alaskans could share in the state's oil wealth and also that the heritage would last into the future when the oil ran out. Now the Senate feels it was created for their discretionary spending to make up for their lack of integrity and competence.Instead of cutting the size of government and kick backs to insider contractors and special interests they simply cut the public's share.
http://www.ktuu.com/content/news/Senate-passes-bill-placing-1000-cap-on-Permanent-Fund-Dividend-382058471.html
State insiders traditionally kick back to special interests in and out of government instead of using intelligent economic development ideas. So the first time they have revenue shortfalls they seek to make it up by trimming the public's earnings from the Permanent Fund.
The Alaska Permanent Fund was created by former Governor jay Hammond to assure that ordinary Alaskans could share in the state's oil wealth and also that the heritage would last into the future when the oil ran out. Now the Senate feels it was created for their discretionary spending to make up for their lack of integrity and competence.Instead of cutting the size of government and kick backs to insider contractors and special interests they simply cut the public's share.
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