Why do we need the POMV (percent of market value) scheme?
Why are Gov. Murkowski and his representatives in the Legislature defying all logic that says, "Cut the size and cost of state government to a sustainable level?" The Legislature has already spent more than 75 percent of all oil revenues, in excess of $60 billion dollars, and now they want the rest.
The POMV scheme could allow spending of Permanent Fund earnings (the PFD) and principal by the Legislature. If this proposed constitutional amendment (SJR18) is approved by voters, the POMV scheme will replace language that currently protects the Permanent Fund principal. The Earnings Reserve Account, where Permanent Fund inflation proofing and dividends come from, will also be gone.
Are voters encouraged to stay out of the business of government so legislators can cater exclusively to executives of multinational corporations, high-ranking bureaucrats, greedy municipality bosses and their paid lobbyists, all at the expense of ordinary Alaskans? Are they trying to slip another one past voters, rather than face the wrath of those they actually represent? Do legislators believe voters are only needed every couple of years? Why else would the Legislature make a conscious decision to promote such a devious scheme knowing it is political suicide if they get caught with their hands in our back pocket again?
Say yes to SJR19 and save the Permanent Fund and no to SJR18 the POMV scheme.