PART 12: “OIL COMPANY” WALKER, “OIL CAN” ORTIZ AND OIL COMPANY SOCIALISM
By David G Hanger
June 29, 2016
‘Leadership’ is not rubberstamping everything Karl Amylon wants to do; that’s just dead space in a leather chair. Bob graduated from high school, got a local government job, and sat on his can for more than three decades. That is not ‘leadership,’ that is just ordinary. Bob has no intellectual chops whatsoever, and a very high order of thinking ability is required to begin solving the problems this state has right now. Bob Sivertsen is not the guy for any of that.
I have been castigating Dan Ortiz’s positions on the financial issues wrecking this state since the first week in March. He listens, and he learns. He has also exhibited a high degree of flexibility by modifying in numerous instances his own pre-conceived notions. Mary Kauffman can tell you that when “Oil Can” Dan started shifting his position my initial response was “Yeah, but…..” I even considered running against him, but the local pundits, both Democrat and Republican, wanted me to run as a Republican, but I am not; and that would be dishonorable. A three-way race favors the dominant local party, so the logic is sound but not the reality.
As I pointed out some while back, all of us down here had to learn about the oil industry up north; it is not what we do. “Oil Can” Dan is pretty spiffed up in this regard now, and is seeing the issue as it is likely to affect us here, and while I think we have a ways to go, I don’t think starting over in this instance is a good idea at all.
SO PIN “OIL CAN” DAN DOWN TO BE SURE, BUT VOTE FOR HIM IN THE FALL.
In the meantime start thinking about recalling “Oil Company” Walker and any other number of state senators and state representatives. These folks are nuts; for different reasons arguably, but these folks are nuts.
Since the beginning of 2016 the North Slope oil companies have generated gross profits of $4.2 billion, on which their net profit is about half that amount, and under the dictatorship of the “Coghill Abomination” the State is paying out the better part of $1 billion for the privilege of allowing these corrupt crooks to get even richer. Any royalties or taxes paid to the State are offset or canceled by the credits paid out, leaving a deficit so substantial these so-called Republicans from the northern part of the state need not only half of this year’s permanent fund dividend to pay this off, they also need the first $2.8 billion in earnings every year from the Permanent Fund to finance the state government in perpetuity.
The first problem with this is that pretty much represents the earnings of the Permanent Fund every year, so they are lying to everyone in the state because this proviso or rider to their crap bill kills the Permanent Fund Dividend Program right now. Were this approved it is over. It is that simple.
Last year the Permanent Fund earned $2.9 billion, the year previous $3.5 billion. Exactly where it is going to fall this year remains to be seen, but given the state of the markets the idea that a steady return of 8% per annum can be expected is an absurdity. By diverting these earnings to the general fund it should be obvious to anyone there will be nothing left for a Permanent Fund Dividend.
ALL HAIL THE “COGHILL ABOMINATION” AND ITS MULTITUDINOUS MINIONS FOR THE GRANDIOSE IDEA OF STEALING THE MOST FROM THE POOREST ALASKANS BEFORE STEALING FROM THE REST OF US TO SUPPORT THEIR BUDDIES’ MANSIONS IN HIGHLAND PARK IN DALLAS, IN THE MEM. HIGH AREA OF HOUSTON, AND DICK DONKEL’S NEIGHBORHOOD IN FLORIDA.
At the current rate the North Slope oil companies will generate for 2016 gross profits of $8.4 billion with net profits right at $4 billion. For this theft we are supposed to gift them the better part of another billion dollars, and the only place this can come from so far as the “Coghill Abomination” is concerned is from your Permanent Fund Dividend.
And then to add insult to injury the “Coghill Abomination” will henceforth finance the state government with the earnings of the Permanent Fund. They will continue doling out hundreds of millions of dollars a year for the losers (yes, this does encourage losing more), the oil companies will pay a net negative in taxes to the State, and what was your Permanent Fund Dividend will henceforth finance the state government.
UNTIL THAT MOMENT ARRIVES ONCE AGAIN AS IT DID IN 2008 (YOU KNOW, SOMEWHAT BEFORE THE MESOZOIC ERA) WHEN THE ALASKA PERMANENT FUND LOST $9 BILLION IN VALUE IN LESS THAN 10 WEEKS.
There was a movie once the essential theme of which was that the folks outside the nut house were crazier than the inmates; here in Alaska we elect them to the state senate.
“Oil Can” Dan, Grussendorf, et. al, in the state house saw clearly the consequences of this latest proposal by the “Coghill Abomination” and voted it down in the House, and we should all thank them for it. We still have a mess on our hands, and an unfunded government, but notice how the bunch that gets elected every two years is more inclined to negotiate and compromise on a deal. After the upcoming election the recall of the majority of the state senate is definitely in order. They work for the oil companies, not us.
Part 13 will be a comparative analysis of times present, times past. Stay tuned.
David G Hanger
Received June 28, 2016 - Published June 29, 2016
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