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Politics : Mainstream Politics and Economics

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From: koan	10/31/2012 8:16:41 AM
	Read Replies (2) of 85487

In the 70's Alaska started pumping 2.1 million barrels of oil a day through the pipeline. The dems wanted to set up permanent fund to put 25% of the oil revenue away for future generations. The pubs did not want a big government program and fought it tooth and nail. The dems won, led by a liberal Republcian poet gov who lived in teh far north, Naknek, with his inuit wife. That decision to put 25% in a permanent fund changed Alaska dramatically. First we were able to stop all state taxes. Secondly, we put in an annual permanent fund dividend check for every Alaskan. This was done primarily to ensure continued support for the permanet fund. The first check was $1,000. It has averaged over $1,000 a year since. And it pumps 600 million a year directly into our economy. We now have about $50 billion in investments around the world. We would have had much more if we had not had to pay off big oil big time with special tax cuts to placate the Republicans. A few years ago our income from the permanent fund passed our income from the oil. We now only produce about 650,000 barrels a day. Had the Republicans had their way and we had not set up a permanent fund, but rather spend all the money, we would be in the same financial trouble every other state is in today as we only produce 650,000 barrels today. It was the vision of the dems to establish a huge socialist government program to gather 25% of the oil income and put into a permanent fund for the kids. It worked so well today, it is 50% of all state owned natural resources. North Dakota and Texas are producing huge amounts of gas and oil, but are controlled by pubs. Why don't they establish their permanent fund?

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