The Alaska Permanent Fund distribution
One of the more unusual events in U.S. public finance begins next week, when the Alaska permanent Fund begins its annual distribution. For years Alaska has been stashing away a large part of its oil income in the Permanent Fund. The fund currently has a about $25.5 billion in assets. Each year the fund distributions a share of its earnings to every Alaskan.
The Anchorage Daily News carries a story on this year's distribution by Mary Pemberton, here: "Alaskans prepare to spend annual windfall".
- "...Beginning Wednesday, a total of $663.2 million will be handed out to an estimated 598,813 Alaskans. Dividend checks this year are hundreds of dollars less than $1,540.76 paid last year and well below the record high of $1,963.86 in 2000.
"In the days leading up to the disbursement, Alaskans are inundated with offers from businesses competing for the dividend money.
"Pawn shops offer to cash checks in the hope that recipients will drop their entire dividend in their stores. Huge blinking signs advertise PFD specials at car dealerships in Anchorage. Travel companies offer special tours to Mexico and Europe. A clothing store is running a newspaper ad of a buxom blond in black fishnet lingerie encouraging readers to have "some P.F.D. fun."
"The amount of the dividend is calculated on a five-year average of Permanent Fund investment income derived from stocks, bonds and real estate investments. The sharp decrease in the last few years was caused by the hit technology stocks took in the stock market in the late 1990s..."
Many Alaskan's think Iraq needs a permanent fund of its own. Former Permanent Fund Executive Director Dave Rose, maintains a web page devoted to this idea, here: The Iraqi Permanent Fund. Several Alaskan papers carried an Associated Press story on this last summer. Here's the Juneau Empire: "Alaskans propose permanent fund to help Iraqis".
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