Vision is to increase the value of the fund to $100 billion in 20 years
JUNEAU – The House of Representatives today introduced a resolution vowing to defend the value of the Permanent Fund, not only for Alaskans today but also for future generations.
House Concurrent Resolution 13 commits to safeguard the investment of oil and investment wealth that our forefathers made, which has accumulated in the Permanent Fund over the past two generations. These benefits are seen not only in the form of dividends but also in providing for essential state services: paying to plow our roads after a blizzard, helping educate our kids, and hiring troopers to make our communities safe.
“We reject the idea that most people would take from future generations just so we can receive the largest PFD in history today,” House Speaker Bryce Edgmon (I-Dillingham) said of HCR13.
“We stand on the backs of the wise Alaskans who turned our nonrenewable resources into a source of wealth that can sustain us forever,” added Rep. Jennifer Johnston, an Anchorage Republican and co-chair of the House Finance Committee. “We owe it to our children and grandchildren to do everything we can to grow the Permanent Fund to $100 billion by 2040.”
“The Permanent Fund is a sustainable resource that we can’t endanger,” said Rep. Neal Foster, a Nome Democrat and co-chair of the House Finance Committee. “It is the only resource we have that can reliably pay dividends and fund essential state services, such as education, public safety, and transportation when Alaska’s nonrenewable resources run out.”