Reimagine new money coming into Alaska.

• Author: Harrington, Susan
• Position: FROM THE EDITOR: Imagining a Happy New Year

Welcome to 2016, another year of change for Alaska. At press time in early December 2015, the price of a barrel of Alaska North Slope crude oil destined for West Coast refineries was hovering around $40, and production was a bit over half a million barrels a day. It's time to reimagine revenues for Alaska. Obviously, we can no longer depend solely on oil to propel the economy, create jobs, and bankroll state government services, spending, and other obligations. We've got to reimagine revenue sources--new money coming into Alaska.

Marc Langland was in the office in late November filming an interview for the Junior Achievement Hall of Fame presentation taking place January 27. I had the pleasure of chatting briefly with him while he was here. After fifty years in the banking industry he was set to retire from Northrim at the end of 2015. He was looking forward to that and planning on enjoying his retirement. We also talked about the Alaska economy. He has a three-step plan: we've got to cut the state budget, cut and cap the Permanent Fund Dividend, and leverage the Permanent Fund earnings to help fund state government. He was adamant that it all has to be done in the right sequence: first cut the budget, then cut and cap the dividend checks, and then use Permanent Fund earnings. "There is enough [money] if it is done that way," he said. With a multi-billion dollar deficit staring us in the face amid continuously faltering oil prices, the components of Langland's plan have been touted by many, including ISER economists, the folks at Alaska Common Ground, and many others. It's time to take action.

Reimagine revenue sources--that should be the theme for 2016. Reimagine a way...