Although the recent North Slope oil discoveries are tantalizing, I'm afraid we're still screwed ...
Economists say recession will last three more years, followed by a smaller, poorer Alaska
adn.com
Author: Charles Wohlforth - Published January 20
The projections show job losses bottoming out in 2018 to 2020, but no bounce-back through 2026. Population predictions are uncertain because they contain more unknowns than job numbers, but Northern Economics projects decline continuing for at least a decade, with net loss of more than 30,000 residents.
Alaska's gross state product, the total value of all the goods and services we produce, has declined for five years and is down 22 percent due to lower oil prices and production. With that much money subtracted from the economy, it has to shrink, with slower business, fewer jobs and a smaller population.
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King grew up in Vermont, where his family had lived for centuries, hoping to stay and contribute as his ancestors had. But, following the path of so many Americans before, almost all his classmates left their home state.
"Vermont always seemed to be in recession or periods of slow growth," King said. "I wonder if we're heading for the same situation here in Alaska."
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