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Mar 3, 2022 · Many counties have transportation responsibilities, while not all Alaska boroughs do. And instead of a bunch of county courthouses, the state has a unified court system. The state also does not ...
- Morgan Krakow
Sep 23, 2022 · Alaska: Even before the pandemic, Alaskans got money for simply living in the faraway state. But this year, the annual oil wealth dividend checks are also being paired with energy relief...
May 4, 2017 · Kueng divided them into five groups based on income, with the richest group earning an average of $104,000 per person annually and the poorest an average of $16,000. The wealthiest households spent an average of 61% of the check in the first quarter after receiving it, while those at the bottom of the economic ladder spent only 12%.
- Overview
- Fund established in the 1970s
Nearly every single Alaskan got a financial windfall amounting to more than $3,000 Tuesday, the day the state began distributing payments from Alaska's investment fund that has been seeded with money from the state's oil riches.
The payments, officially called the Permanent Fund Dividend or the PFD locally, amounted to $2,622 — the highest amount ever. Alaska lawmakers added $662 as a one-time benefit to help residents with high energy costs.
A total of $1.6 billion in direct deposits began hitting bank accounts Tuesday, and checks will arrive later for those who opted for them.
Residents use the money in various ways, from buying big-screen TVs, vehicles or other goods, using it for vacations or putting it in savings or college funds. In rural Alaska, the money can help offset the enormous costs of fuel and food, like $14 for a 12-pack of soda, $4 for a celery bunch and $3 for a small container of Greek yogurt.
"We're experiencing record high inflation that we haven't seen since the first PFD was paid in 1982," Gov. Mike Dunleavy said in a video. "Alaskans have been bearing the brunt of this inflation from the gas pump to the grocery store, and this year's PFD will provide much needed relief as we head into winter."
The timing of the checks couldn't have come at a better time for those living on the state's vast western coast, which was devastated last weekend by the remnants of Typhoon Merbok. Damage to homes and infrastructure was widespread along a 1,000 miles (1,609 kilometers) of coastline.
The oil-wealth check, which some in Alaska see as an entitlement, typically is derived from the earnings of the nest-egg investment account. The diversified fund was established during construction of the trans-Alaska pipeline in the 1970s and now is worth $73.6 billion.
There is a yearly application process and residency requirements to qualify for a dividend. Dividends traditionally have been paid using earnings from the Alaska Permanent Fund. Lawmakers in 2018 began using fund earnings to also help pay for government and sought to limit how much can be withdrawn from earnings for both purposes. The amount going to the dividend this year represents half the authorized draw.
Residents received the first check, $1,000, in 1982. Amounts have varied over the years, and traditionally were calculated on a five-year rolling average to buffer downturns in the economy.
The smallest check ever was $331 in 1983. The largest before this year's check was $2,072 in 2015. If someone has collected every check since 1982, it would amount to $47,049.
Mildred Jonathan, 74, and her husband, Alfred, 79, live about 100 miles (161 kilometers) west of the Canadian border in the interior Alaska village of Tanacross.
There will be no frivolous spending when they receive their paper check in October. Instead, the Jonathans' major purchase will be firewood.
3 days ago · 0:39. The Ohio Senate voted Friday on a two-pronged plan to get President Joe Biden on the ballot and prevent noncitizens from giving money to statewide issue campaigns. The action concluded a ...
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession.
Feb 7, 2020 · Americans have fewer kids than they say they want. Alaska has a solution. Alaska’s small basic income is causing parents to have more kids. A Tlingit mom holds her son on Kupreanof Island ...
