Agreed, you left out the part about how we are entering a recession but our legislature continues to bury its collective head in the sand.  They continue to believe oil prices will rebound and save the state, and why shouldn't they, I mean it's happened many times in the past right?  Yes indeed it has, but that was when we were pumping millions of barrels of oil a day and only needed $50 or $60 a barrel to balance the budget, not the $100+ a barrel were hoping for now.

They refuse to believe it because they know that implementing a more balanced state revenue stream would require some form of taxes.  Taxes would likely spell the end of many political careers, so we are left with a bunch of ostriches in Juneau with their heads in the sand.......