The percent of market value, or POMV, scheme exists for no other purpose than to divert the earnings of the permanent fund from the hands of the people. The governor's POMV plan will enable the Legislature to continue to fund the operational expenses of state government at its current unsustainable level by making it more politically feasible to extract funds from the permanent fund earnings.
Some may deny this, but those who promote this plan know this is true.
At some time in the future, some legislative body will be forced to control spending, to spend within the state's budget. This Legislature should focus on fixing this overspending problem, not enable it by injecting another fix from the permanent fund's earnings into an unsustainable budget. The choice is simple: Either reduce spending and attack the root of the problem or take money from the people and continue to ignore the problem for a few more years.
While lobbyists and special interest benefactors will surely applaud when the flow of public dollars continue to enrich their clients and corporations, I doubt that the people of Alaska wish to see their future diminished by this Legislature's failure to recognize their duty to the people that elect them.
In 1999, the people clearly stated to the Legis-lature, "Keep your hands off the permanent fund!" What part of "no" did they not understand?
If they choose to continue to promote this POMV, then they should also pass House Joint Resolution 3 or other legislation that would truly constitutionally protect the permanent fund dividend. Only then will I believe that there's any intention other than taking the dividend.
The governor took the Longevity Bonus, with the cooperation of the Republican majority in the Legislature. There is no denying this fact. That he intends to take the dividend is quite obvious to anyone who looks at the facts.
Protect the future of Alaska. Oppose POMV!
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