A political reality ... the legislature has the absolute power of appropriation and taxation.  The power was inherited from the kings of the olden days, from the tribal chieftains and the heads of households before recorded history.
 
The only way lenders can get money out of any government is to get the legislature to give it to them.

They are lowering the ratings because they know ... Governments will  borrow money with full knowledge there is no ability to pay it back.  

There OIL boom peaked in 1982 to 1985 - it has been going down since---- unfortunately the Alaska state government did not get the memo. 

Question: what would happen if we eliminated all the oil company subsidies?  We would find out and about 2 days if the production of oil in Alaska is practical.....

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