I remember the lean times from 78 until about 89-90. At one point people were walking away from homes, and leaving their house key on the counter at the bank. It seemed like there was an excavator or trucking company behind every tree, looking for crumbs. Work went cheap. Too cheap for some, as they went bankrupt trying to do something for nothing.
Alaska has economical cycles, especially since the end of the taps time. Those that saved, and diversified will be fine. Those that didn't will scramble to make it. If our legislature doesn't get our economical house in order, I suspect we will see 1985 all over again. Save your pennies, and they just may save you.