“Nothing changes without a vote of the people. Period.”
That has always been my line in the sand on the Permanent Fund dividend, and it still is today as I run for governor. When I served in the Legislature, I proved it. I refused to vote for a budget that raided the Amerada Hess account money that belonged to the PFD. The Republican caucus punished me and kicked me out. I wore that as a badge of honor because I kept my promise: no spending PFD dollars unless the people of Alaska vote yes. Alaskans elected me to protect your dividend, and that’s exactly what I did.
Fast-forward to 2025. After the smallest PFD in decades — just $1,000 — families are hurting and furious. Oil is barely above $60 a barrel (far below the $69 we budgeted on), bills are piling up and the roller-coaster checks make it impossible to plan for groceries, heat or college. We can’t keep doing this to Alaska families. The only way to deliver reliable dividends Alaskans deserve and have earned is to finally turn the Permanent Fund into the bulletproof endowment our founders envisioned.
Here’s how we do it, and why it will mean larger average dividends over time:
1. Combine the Earnings Reserve and principal into one constitutionally protected account. This locks the door forever on raids and gives the entire fund the strongest legal protection possible.
2. Limit the draws to the lesser of 5% or actual realized returns. This will eliminate the fear some have of tapping into and draining the corpus itself.
3. Keep the proven Percent of Market Value (POMV) structure but make it truly sustainable and constitutional with a responsible draw that lets the Alaska Permanent Fund Corporation invest aggressively for maximum growth instead of being forced to hold cash “just in case” the Legislature demands it. A fully protected endowment earning higher returns compounds faster. Independent modeling shows this approach delivers more money for dividends over the long haul than the current broken system while still fully funding schools, troopers, ferries and disaster recovery.
4. Most important: Nothing happens without a direct vote of the people. The Legislature can’t touch a dime unless Alaskans say yes at the ballot box. This isn’t about politics or Juneau games. It’s about giving families certainty: a dividend you can actually count on every single year — no more $1,000 surprises, no more last-minute fights.
With a real endowment, the Permanent Fund Corporation can stop playing defense and start growing the fund like the world-class sovereign wealth fund it was meant to be. More growth equals larger sustainable dividends for your kids and grandkids.
I chose Alaska more than 40 years ago because this is the greatest place on Earth to raise a family. I’m running for governor to keep it that way with opportunity, security and a strong Permanent Fund dividend.
Alaskans built the Permanent Fund. Alaskans deserve the final say on making it unbreakable.
When I’m governor, I’ll work to make sure that happens.