Alaska Governor Plans $2.3 Billion Cash Handout to Combat Inflation
The governor of Alaska, Mike Dunleavy, has proposed a budget plan that would allocate $2.3 billion to the state’s Permanent Fund Dividend (PFD) in an effort to assist residents in coping with inflation. If approved, each resident of Alaska would receive approximately $3,400 by simply filling out a form.
The PFD, established in 1980, is funded by deposits from the state’s oil and mining revenues. As the fourth-largest oil-producing state in the US, Alaska produced over 159 million barrels of oil in 2022.
Governor Dunleavy, a Republican, believes that the PFD will provide financial support to recipients as prices for goods and services continue to rise. He stated in a news conference that the PFD aims to help Alaskans afford essentials such as groceries and fuel.
Largest Expense in Governor’s Budget Proposal
The PFD would be the largest expense in Governor Dunleavy’s proposed $10.5 billion budget for fiscal year 2025. This budget covers the period from July 2024 to June 2025.
Since 1982, the PFD has been distributing cash to residents of Alaska and is considered a basic income program for the state.
Hot Take: Cash Handout to Tackle Rising Prices
Alaska Governor Mike Dunleavy plans to provide $2.3 billion through the state’s Permanent Fund Dividend (PFD) as a response to increasing inflation. Each Alaskan resident could receive around $3,400 by completing a simple form. The PFD program, funded by oil and mining revenues, has been distributing cash since 1982 and serves as Alaska’s version of a basic income program.
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