Why do we need the percent of market value, or POMV, scheme?
Why are Gov. Frank Murkowski and his representatives in the Legislature defying all logic that says "cut the size and cost of state government to a sustainable level"?
The Legislature has already spent more than 75 percent of all oil revenues, in excess of $60 billion, and now it wants the rest!
The POMV scheme could allow spending of permanent fund earnings (the PFD) and principal by the Legislature! If this proposed constitutional amendment (SJR 18) is approved by voters, the POMV scheme will replace language that currently protects the permanent fund principal. The earnings reserve account where permanent fund inflation proofing and dividends come from also will be gone.
Are voters encouraged to stay out of the business of government so legislators can cater exclusively to executives of multinational corporations, high-ranking bureaucrats, greedy municipality bosses and their paid lobbyists all at the expense of ordinary Alaskans? Are they trying to slip another one past voters, rather than face the wrath of those they actually represent? Do legislators believe voters are only needed every couple of years?
Why else would legislators make a conscious decision to promote such a devious scheme knowing it is political suicide if they get caught with their hands in our back pocket again?
Say "yes" to SJR 19 and save the permanent fund; and "no" to SJR 18 the POMV scheme!
Mike McBride, North Kenai
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