Alaska governor limits annual oil-wealth checks to $1,000
Source: Associated Press
Alaska governor limits annual oil-wealth checks to $1,000
Mark Thiessen, Associated Press
Updated 9:15 pm, Wednesday, June 29, 2016
ANCHORAGE, Alaska (AP) Facing a multibillion-dollar deficit, Alaska's governor on Wednesday cut in half the annual checks that give all residents a share of the state's oil wealth, but he kept enough money in place to award everyone a $1,000 payout.
Gov. Bill Walker's administration said the checks had to be reduced in order to save the program.
The veto "preserves that ability to provide a check to every citizen in this state forever," his budget director, Pat Pitney, said.
If nothing was done, Walker said the Alaska Permanent Fund worth about $52 billion would have been depleted in four years.
Read more: http://www.chron.com/news/us/article/Alaska-could-end-to-oil-checks-paid-to-residents-8331237.php
keithbvadu2
(36,823 posts)Chakab
(1,727 posts)the general public.
What's hilarious is that in spite of all her tirades against socialism, Palin's only accomplishment as governor was doubling the amount of money paid out to the residents of Alaska under this program. That's the reason that her approval rating was sky high when she was picked to be McCain's running mate.
raven mad
(4,940 posts)by a TERRIFIC and get this, Republican Governor, our own Bush Rat................Hammond.
Alaska gave up so much to the feds and the oil companies, and all the (really in a way invaders) people who came up just to take the revenue "home" with them, Jay Hammond said, hey, let's fix this so everyone gets a share.
It's worked for over 35 years. Some years, not a bunch, some years, a big bunch - depends on how much per barrel, etc. based on a several year spread.
The reason there's a problem now, is the oil companies OWN the Repukes, and every year, there are more concessions and tax rebates and shit, to BIG OIL. Yeah, we pay THEM to come up and suck it out and put nothing back. Nothing.
keithbvadu2
(36,823 posts)raven mad
(4,940 posts)And no, the nasty from the Exxon Valdez is still on shore - and they have paid NOTHING.
If it happens where you are, I can give 3 tips. Knee-high rubber boots, a rubber apron, and a boat (canoe, really) to get you across the lake to Canada. But don't count on it
lostnfound
(16,180 posts)That's been the trigger for a lot of coups. Mossadeqh tried to nationalize oil. Resources must not benefit the masses. And if you think the inconvenience or damages to ordinary people should count in the equation, what's being done to save the homes of people in Oklahoma damaged by fracking? Nothing.
uppityperson
(115,677 posts)The state had a surplus of $ for years and put some in savings (simplified explanation). In order to keep the voters from voting to use that money, each resident gets a dividend from the interest annually. If they vote to spend the money for state needs, then they won't continue to get the dividends.
raven mad
(4,940 posts)packman
(16,296 posts)that show the independent, living-off-the-grid, no government in my life, are getting a subsidy. What with soc. security , welfare, and occasional check from the oil people and this and that from that damn government - it seems like a good lifestyle.
This has got to be a real jolt to that Brown family. What a group of misfits - maybe we need a state like Alaska to hold them and Sarah Palin.
closeupready
(29,503 posts)many of the stories don't really add up. Some of these characters have got to be undercover federal law enforcement.