One of the largest oil-producing states in the US is reportedly planning to give away billions of dollars as a measure to help people keep up with inflation.
Alaska Governor Mike Dunleavy recently revealed a budget plan for next year that would allocate $2.3 billion to the state’s Permanent Fund Dividend (PFD), reports the Associated Press.
If approved, the PFD will dole out about $3,400 to residents of Alaska under the sole condition that they fill out a simple form.
The PFD, which was enacted in 1980, is funded by deposits from the state’s oil and mining revenues. In 2022, Alaska produced over 159 million barrels of oil and stood as the fourth-largest oil-producing state in the country.
According to Republican Governor Dunleavy, the PFD will serve as financial assistance to recipients amid the rising prices of goods and services.
Says Dunleavy in a news conference,
“[Inflation is] taking a bite out of everybody’s pocketbook. So we’re hoping that we can keep the PFD as high as possible to help Alaskans afford groceries, afford fuel, etc.”
The Alaska Public Media reports that the PFD would be the single largest expense of the governor’s $10.5 billion budget proposal for fiscal year 2025, which runs from July 2024 to June 2025.
The PFD has been doling out cash to residents of Alaska since 1982 and is considered the state’s version of a basic income program.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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