Mike Chenault was instrumental in creating this fiscal mess with his fellow senior legislators when they hyperstimulated the Alaska economy with those bloated budgets.  Oh, they were popular then.  Now they find themselves swinging a very angry tiger by the tail and they dare not let him go.  They know they can't cut the spending significantly to offset these multi-billion dollar shortages; however, the prime objective for most is to be re-elected.  The most cynical will be running on a" I saved your PFD" theme. 
  They will have to throw a desperation pass after the next election but every decreasing production of oil  over time cannot bail them out this time.  I expect the old boys and girls will simply retire from elected office with the golden parachutes they have provided themselves; many out of state.   The only thing left now is to crash the economy again.    I was here in the 80's and for those of you who didn't see that -  stand by for a miserable ride.