Opinion: Alaska’s win-win constitutional solution

Published 1:30 am Thursday, May 21, 2026

Alaska’s Legislature just wrapped another budget cycle with the same tired script. Cut the Permanent Fund Dividend to fund government, or cut government to fund the dividend.

Every proposal forces Alaskans to lose so someone else can win.

Senator Robert Myers captured our fiscal crisis perfectly in a recent article: “Our constitution says we are supposed to manage our resources in such a way we maximize the benefits to all Alaskans. The problem is we have defined it in such a way as to mean only the maximum revenue to the state.”

The constitutional insight points toward something Alaska has never tried: a solution where everybody wins.

Ten percent of the Permanent Fund could provide Alaska families with home mortgages at 2% interest rates. The Fund would earn market returns through mortgage payments. Families would save $330,000 over the life of a typical loan. No losers. No trade-offs. No raids.

Alaska’s Permanent Fund holds more than $80 billion. Ten percent—$8 billion—could fund mortgages for 23,000 Alaska families. Current mortgage rates hover around 7%. The program would offer 2% rates to Alaska residents buying homes in Alaska.

The math favors everyone. A family borrowing $350,000 at 7% pays $2,300 per month and $830,000 in total over 30 years. The same loan at 2% costs $1,300 monthly and $470,000 total. The family saves $1,000 per month and $360,000 over the loan’s life.

Meanwhile, the Fund earns 2% annually on mortgage payments instead of hoping for higher returns in volatile markets. Stable, predictable income backed by Alaska real estate.

The program serves exactly the constitutional purpose Senator Myers described: maximum benefit to all Alaskans rather than maximum revenue to government. Jay Hammond designed the dividend as a “resource dividend” to connect Alaskans to their resource wealth. Home ownership extends the connection to where Alaskans live and build futures.

The political advantages matter more than the economics. Homeowners vote across party lines. A program saving families $330,000 on their largest expense creates a constituency defending it aggressively. Compare the Permanent Fund Dividend — legislators cut the PFD every budget cycle because families have no organized way to fight back.

The program also addresses Alaska’s most serious long-term challenge: keeping young families in the state. A $330,000 mortgage savings gives families a powerful reason to stay and build lives here rather than seeking affordable housing elsewhere.

Traditional housing programs fail because they require subsidies competing with other budget priorities. The mortgage program requires no state spending. The Fund provides the capital. The mortgages provide the returns.

Alaska’s current fiscal mess stems from treating Permanent Fund earnings as government revenue rather than people’s wealth. The mortgage program reverses the relationship. Instead of government spending Fund earnings on itself, the Fund serves Alaskans directly.

We can keep fighting over who loses, or we can try something where everybody wins.

Evan Swensen, an Alaska resident since 1957, is publisher of Publication Consultants and author of “What’s The Money For,” which examines constitutional solutions to Alaska’s fiscal crisis.

Alaska Gov. Mike Dunleavy (R) ordered lawmakers into a special legislative session beginning Thursday to address his alternative tax strategy for a proposed liquefied natural gas megaproject that has drawn some pushback from within his own party.

Dunleavy issued a proclamation late Tuesday bringing lawmakers back to the Capitol in Juneau to continue work on HB 381—his tax plan supporting development of the proposed $46.2 billion Alaska Liquefied Natural Gas project, or AKLNG. The multi-year initiative includes a gas treatment facility on Alaska’s North Slope, an 807-mile pipeline, and a natural gas export facility in Cook Inlet. …

Alaska Airlines has unveiled a modernized North Main Terminal at Seattle-Tacoma International Airport (SEA), designed to improve passenger flow and prepare the airport for increased international traffic, including visitors arriving for the 2026 FIFA World Cup.

The project, known as the SEA Gateway Project, was delivered by HOK in collaboration with design-build partner Hensel Phelps. Originally built more than 40 years ago, the terminal has been reconfigured to streamline the passenger journey from curbside to security.

The redesign introduces a double-height check-in hall aimed at reducing congestion and improving sightlines. Back-of-house services have been relocated to a bridge level between the terminal and the parking garage, freeing up space within the main hall. The project also expands the check-in footprint by reclaiming underused curbside space and consolidating entry points that previously created bottlenecks.

Floor-to-ceiling windows have been added to improve visibility and wayfinding, while interior finishes, including wood paneling and local artwork, reflect the Pacific Northwest.

The terminal now includes automated bag-drop technology, allowing passengers to check luggage independently, alongside traditional staffed counters. The upgraded security checkpoint currently supports six screening lanes, with space for a seventh as demand increases.

Relocating back-of-house functions has also enabled the introduction of a remote check-in facility for passengers arriving from the parking garage or light rail, allowing them to check bags before proceeding directly to security.

“This project transforms one of SEA’s most important passenger areas into a clearer, more efficient gateway for travelers,” said Keith Hui, regional leader of Aviation + Transportation in HOK’s Seattle studio. “By opening up the terminal, improving circulation and integrating modern technology, the design helps create a seamless traveler experience.”

The project is targeting LEED Gold certification and incorporates energy-efficient systems, including high-performance HVAC, upgraded elevators and escalators, and advanced lighting controls.

Completed ahead of the 2026 FIFA World Cup matches in Seattle, the upgraded terminal is expected to accommodate increased passenger volumes and improve the experience for long-term airport users.

In related news, Long Beach Airport breaks ground on $37m concourse enhancement project