Petersburg Pilot -

Guest Editorial: It's time to put our wealth to work

 


By now, most of you know we have a budget challenge: Over the past two years, Alaska’s oil revenue has plummeted by 88 percent, mainly due to a sharp drop in oil prices.

We’ve cut the budget from $8 billion in 2012 to $4.8 billion. Despite these reductions, our deficit amounts to more than half our annual budget.

If we do nothing, we’re on a course to drain the constitutional budget reserve within two years – and the permanent fund earnings reserve within another two years. Dividends would likely end within four years, and we’ll be left with no source of funding for public service...



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