Matt Steele wrote recently (ADN commentary, May 23) in support of the governor’s “50-50” plan, that a $2,300 dividend would be the highest ever distributed and that it “...would increase every year as our investments appreciate.” In fact, the “50-50” plan guarantees an overdraw of the percent-of-market-value statute, which means spending capital along with savings. This makes any appreciation of investments virtually impossible. For one thing, the stock market make be booming now, but that will not last.
Also, the budget deficit would be $1.6 billion. Are we going to cut $1.6 billion out of the budget? If so, where? Our savings will be gone.
The “50-50” plan means budget deficits for the next 10 years at least. I know what side I am on, and that is fiscal reality. We all should be.
— John Jensen
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