Jamie Love was a member of the state Investment Advisory Committee when the Permanent Fund was created in 1976.
During his time in Alaska, he also founded the Alaska Public Interest Research Group. Channel 2 caught up with Love, who is in town for a celebration of the organization's 40th anniversary.
Below is a Q&A with Love, and a look ahead at what PFD checks may look like this year.
Q: So what were the goals of AKPIRG in the early days?
A: The reason it was created was to build, outside the regular political interests, Republicans vs. Democrats, a voice for the public interest and a voice for workers in the political process. I'm glad to see they're still active today and getting ready to make a push to become even more active again.
Q: Can you describe what motivated the creation of the Permanent Fund was created?
A: There was a concern among a lot of people, both liberals and conservatives, young people and old people, that the tendency of the government would be just to spend whatever came in and spend it on projects, in some cases, of dubious value. The permanent fund was designed to be a way to ensure that the people living in the state at the time would not be the only beneficiaries of the wealth, and also to provide a fair way to distribute the wealth. ... You want to give the people that were born here, the people that grow up here, some kind of a fair shot at a future.
Q: How well has the program achieved a balance of saving for the future and investing in people who are here right now?
A: Alaska has done some good things with its oil wealth and done some things that are less productive. ... I'm always interested in seeing how things are done in Norway, because it has a lot of similarities with Alaska. They've invested really well and done a great job. There are also some really bad examples in the oil area; it's considered a really mixed blessing, especially in places without a well-developed economy. ... Sometimes you just have a lot of inflation, a lot of wasteful projects, boondoggles and things like that in different countries. So overall, Alaska has done relatively well.
Q: What could the state do better?
A: The state has always had a problem of thinking about how to develop jobs and economy in a state where it's expensive to do things, where you're far from markets. You have tourism of course, you have the fishing industry, you have the oil industry, but all these extractive industries are kind of boom and bust cycles. I think that in a way you have to be realistic about what are the sustainable industries you can do in a place like Alaska.
Q: Does anything specific stand out from your time here?
A: One of the big regrets I have in 1979, we came within one vote in the Senate of setting up a statewide healthcare system. I don't know if people remember that. But there were moments in the 70s when people were very ambitious about what we were trying here, long before it was close anywhere else.
Q: What prompted the creation of the Permanent Fund?
A: You want to give the people that were born here, the people that grow up here, some kind of a fair shot at a future.
Michael Burns, executive director of the Permanent Fund Corporation, said Thursday that the fund came into being because of the "libertarian streak that's so important to Alaska," he said. "The idea was to starve the beast of government."
Burns also said the most obvious result of the fund will soon be known.
Within a few weeks, he said, the amount of the Permanent Fund Dividend will be announced. This year has been strong, with preliminary returns on the corporation's investments estimated at 10.9 percent.
But dividend checks are calculated on a trailing 5-year average, meaning the height of the economic crisis will still bring down the number on the checks Alaskans will get in October.