Economist: Cut State Budget to Match Revenue

A University of Alaska Anchorage economist says state government should shrink spending by $1.5 billion to avoid more drastic cuts when savings accounts are drained.

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by Associated Press

ANCHORAGE- A University of Alaska Anchorage economist says state government should shrink spending by $1.5 billion to avoid more drastic cuts when savings accounts are drained.

Scott Goldsmith says Alaska savings will be gone in about a decade if spending continues at the current rate.
Goldsmith spoke Monday at an Anchorage Chamber of Commerce forum and that not everyone in the room agreed with him.
Former state Rep. Andrew Halcro says cuts to spending are needed but Goldsmith's strategy of reducing the state budget by more than 20 percent would damage the economy.
Halcro says public spending bolsters private jobs.
He says a better strategy would be combining budget cuts with new revenue such as a sales tax or earnings from the Alaska Permanent Fund.

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