No Stimulus Needed!

Dear Honorable Timothy Geithner
Treasury Secretary of the United States of America

I am a bonafide resident of the state of Alaska. I have lived in this state for more then 30-years. With that, I have become very alert to the ups and downs of the economic well-being of this state’s "state of affairs". I have worked the oil fields as a non-union hourly wage earner as well as full time involvement in union contract work. I feel I have a very good understanding as to when and if this state needs financial assistance, as may be accommodated under the "Stimulus Plan" most recently approved by the U.S. Congress and soon to be on President Barack Obama’s desk for approval. This state is far and away from mainstream America. This state has resources, like oil, that provides a buffer of financial confidence and security wherein it is easy to weather the storm of an economic slowdown. This state has a revenue infrastructure that allows financial independence, namely through oil royalty invested in the state’s constitutionally established Alaska Permanent Fund, a Corporation. As a matter of fact, the return-on-investment of this fund - even with a depressed stock investment market - it allowed a dividend distribution of $3,269.00, $1200 of that disbursement as an energy rebate, to each and every Alaskan resident. For a family of (4), it amounted to well over $12,000 dollars of additional income! As of the start of February, the Alaska Permanent Fund was estimated to be valued at $28-billion dollars and according to state statutes, can be tapped into under the Constitutional Budget Reserve, in efforts to "maintain a stable level of public spending". Today, the CBR has a 6-billion dollar surplus, to be used through a simple process of legislative approval. With that in mind, I am requesting that the U.S. Treasury Department look carefully upon this state’s "state of affairs" with respect to its economic grade along with what financial resources are available constitutionally as a means to offset financial help that may be available through the U.S. taxpayers’ funded "Stimulus Program", as financial assistance is not needed or wanted. The scare of un-employment has not affected this state. The un-employment numbers are the norm for this time of year, seasonal stress only. Unlike other states, un-employment lines are not. The oil industry continues to invest, with upgrades to that infrastructure, so it is still difficult to find an empty seat on a plane heading north or a hotel to sleep in once there. As an additional argument that Federal assistance is not necessary, the two senior representatives of Alaska - namely Senator Lisa Murkowski and Congressmen Don Young - both voted against the "Stimulus Bill", so it is apparent that it was voted "ney" because these individuals realize also that this state is not in the same situation with respect to an economic slowdown as are most of the lower 48 states. Even though the state’s 2009 budget was forecast on $78-dollar barrel oil, and those prices remain depressed, it has not, I repeat, has not been a detriment or deterrent to an expanding infrastructure. And it has already been announced that the residents of Alaska will indeed once again receive a "dividend", which is "additional" financial assistance that fuels the economy. Again, this state doesn’t need any assistance from the U.S. Treasury. By not providing assistance, it can teach a lesson that independence with proper investing can provide such independence when the times get tough. For years this state has enjoyed way too much money realized through taxed income appropriations, as Ted Stevens and Don Young were known as the "pork" kings of earmarking. As a matter of fact, when other states saw military bases closing down, this state realized just the opposite. So do this state a favor, do America a favor, please examine this state’s "true" financial situation as compared to other states of the Union, as the money wasted here could be of great importance and relief to a "brother or sister" state that is experiencing true hardship like conditions. Bottom line, this is how Alaska can help out those states in real need. Any money this way from the "Stimulus Plan" could only be seen as evidence that "pork" continues to wreck havoc on the Treasury. So please, I ask that any stimulus money allocated for Alaska be withheld until this state’s revenue authorities can prove that other resources have been tested and utilized as they were so designed, through the Constitutional Budget reserve. This is not a sacrifice, but a test upon this state’s constitution. By sending "Stimulus" money this way, it will undermine this state’s constitution, something the residents value and cherish. So please, out of respect, take this under consideration.

Sincerely;
S. Pam MaGee

Cc: President Barack Obama, Senator Mark Begich, Senator Lisa MurKowski, Congressmen Don Young, Governor Sarah Palin