An Alaskan Fairy Tale:
There is a goose that lays a golden egg.
We call the goose the Alaska Permanent Fund and the egg is the earnings.
Today, the constitutional protection for this goose is as follows: The people of Alaska cannot eat the goose. If she lays an egg, we can eat that. If she doesn't lay an egg, we don't eat.
In the percent of market value structure (POMV) recommended by the Permanent Fund trustees, we would change the above constitutional protection of the goose to: If she doesn't lay an egg, we will still eat, but only up to five percent of the goose that lays the golden eggs (i.e., a wing one year, a leg the next).
The goose might regain her limbs in succeeding years. But she might not.
Some people argue that this is safer. I am just wondering, for whom?
Bradley J. Fluetsch
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