Who owns the Alaska Permanent Fund and it's earnings? Read your Wally Hickel. We all do. Equally and without regard to race, age, economic status or political persuasion.
Many people in our country derive income from inherited wealth (they never "earned" it). There's no difference between the money Paris Hilton drops in the shops on Rodeo Drive and the check in my bank account every October.
Spare me the philosophical argument over government handouts. This country was built on government handouts. Let's also forget a one-time big payout resulting in a huge bubble of tax money to the IRS, as we all go to higher tax brackets - something earning Alaskans are familiar with in our high-income, high-cost-of-living state.
Reject fixes such as using state money to fix workmen's compensation fraud and other big-time raids on public resources. The very existence of this pile of money diverts political will and discipline from the path of righteousness. We need to fund government services using sound principles of finance and governance and tell the wolves to go feed elsewhere.
Keep your fund, spend it wisely (or unwisely, it's your money!), support a sound plan to solve the fiscal gap but never forget whose money is getting spent here.