The nagging issue that bothers me about the fiscal crisis facing us at the state level right now is the certainty that the price of oil will go back up at some point in the future. Because of that I think our legislators should consider borrowing money from the citizens of the state in the form of interest free loans from the Permanent Fund that would be repayable after the price of oil returns to specific levels.
Other cost cutting and revenue generation such as income and sales tax are probably in order, but permanent changes to the structure of the Permanent Fund just don’t seem right or in keeping with the spirit of the fund.
Our legislators need to find a solution immediately to the budget situation, but their track record of safeguarding the best interests of the people of the state has not been entirely evident in recent years. Here is a chance to win back our trust by crafting a solid plan to allow us to weather this stormy period.