Economist says Alaska spending too much of oil money

Anchorage Daily NewsFebruary 16, 2011 

A leading state economist says Alaska is saving too little of its oil wealth for future generations.

The good news is that Alaska is rich enough -- in oil wealth savings and in petroleum reserves -- that it can afford to spend $5 billion of its oil wealth every year, even after the oil fields die away, said Anchorage economist Scott Goldsmith.

The bad news: The state is likely to spend more than $5.5 billion in petroleum dollars in the coming budget year, he wrote in a report published by the University of Alaska Anchorage's Institute for Social and Economic Research on Tuesday.

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