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Alaska Economic Update 

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Northrim Bank launched the Alaskanomics blog to provide news, analysis and commentary on Alaska’s economy. With contributions from economists, business leaders, policy makers and everyday Alaskans, Alaskanomics aims to engage readers in an ongoing conversation about our economy, now and in the future.

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Monday, July 08, 2019


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Just as the 2008 Recession didn't hit AK for a few years after the L48, now our Recovery is lagging behind that of the 48 states below as well.
It used to be, people would go where the jobs are. I know Alaskans who have done that. It's not ideal when you have to leave your family for a job that will support them, but these things are usually temporary and is part of making those tough choices..(and it would inject money into Our economy!) The new term is 'Adulting.' Unlimited Compassion cannot keep the state afloat. If there isn't enough money for everything on the Christmas list, we have to Prioritize. That's what families have to do. I heard a person complain that their spouse might get laid off from their State job because they are in a non-essential position. Even the State considers these jobs non-essential. Their words. As with governments - local to state to federal, at all levels, we've gone so far off the rails as to what is the legitimate role and responsibility of government that there has to be a reset. Sometime. Of course who ever stops kicking the can down the road will be 'the bad guy' because they had to make some tough choices. This has been coming a long time. It's not Dunleavy's fault. Maybe the cuts should be phased in a bit slower over 2-3 years but until our revenue recovers from resource development or tourism, we need to tighten our belts. You can not tax a community into prosperity.

Gregory Moore

In keeping with Senator Von Imhof, we need to emphasize fact-based decisions to arrive at a State budget. Dr. Guettabi and Mr. Klouda from UAA ISER have developed a fact-based financial model and analysis. Our state has been slowly emerging from a recession. Guettabi and Klouda's analysis from their model suggests that Dunleavy's current budget would throw the State back into a recession. A retreat back into a recession is not in the best interests of Alaska. The positive side is, we do have a fact-based financial model and experts to assist us from ISER. We should use these tools to arrive at better budget.

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