GOP's Alaska Teetering on Recession Deficit of $4 Billion

  • Posted by a hidden member.
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    Jun 07, 2015 11:52 PM GMT
    NYT: In Alaska, lawmakers are trying to fill a budget deficit caused by a combination of lower oil prices and reduced oil shipments from the big North Slope fields. Alaska depends on oil revenue for about 90 percent of its budget, and it is facing a deficit that could reach $4 billion in a budget of only about $5 billion — with years of deficits projected after that as well.

    http://www.nytimes.com/2015/06/08/us/states-confront-wide-budget-gaps-even-after-years-of-recovery.html?
  • roadbikeRob

    Posts: 14372

    Jun 08, 2015 1:34 PM GMT
    I wonder if that religious lunatic Sarah Palin will start praying away the four billion dollar budget deficit that could easily bankrupt Alaska.icon_cool.gif
  • bobbobbob

    Posts: 2812

    Jun 08, 2015 2:32 PM GMT


    The link SB provided underscores the national scope of this dilemma and fails to mention to root cause of it; RINOs who get elected on conservative rhetoric and spend spend spend spend as irresponsibly as liberal progressives on crack. Ir's not an Alaska only issue.

    It's real simple and businesses do it all the time. For instance Here we count on hurricanes hitting every 7 years. Businesses vulnerable to the damage save back capital to A) lower their insurance rates and B) keep their businesses operating. All of our employees knew they have jobs and are needed at work 24 to 48 hours after a hurricane if they can make it to work... even if we lose 100% of inventory as has happened three times since 1980.

    There's something about working with revenue from taxes that intoxicates elected legislators. They will spend it ten years in advance and save nothing. Alaska used to brag they had enough saved to fund their state expenses for 20 years. Let's take a guess what happened to that revenue surplus.

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    Jun 08, 2015 2:47 PM GMT
    like any thing the energy industry these days it has its good/bad cycle.

    oil workers in northern Colorado where i live are getting made redundant. I think this could be happening in Texas too. Not wanting to see anyone loose their employ but the political fall out on this could be good.

    i know the state of Colorado is also getting less revenue from new oil wells. For Colorado and Texas their economy is significantly diversified, cant say this for Alaska.

    Alaska;
    another red state and their jesus will slide into debt, suck off the federal tit.

    Wasnt there a huge new pipeline built to service the now burned up oil reserves. seems the nation absolutely had to have this built at all cost.
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    Jun 11, 2015 3:53 AM GMT
    Why does no one mention Illinois? hmmm...