Actually I believe that the principal of the fund is protected by our constitution, the earnings of the fund is what the legislature can spend (we vote them in and give them that power), whether that be for a PFD, or for paying for troopers, education, and all of the other aspects/costs of government. I am not confident that our legislature will reign in spending absent of the permanent fund earnings being the first source of money.  Other than that, I fear our legislature will want to provide the most government that the middle income earners and wealthy can afford to pay.  
I do see a big difference between the PFD and wages, one is a gift that the State paid when times were good, one is earned compensation. My belief is that before going after peoples wages, the gift needs to end.  I do not believe that it is right for our State to take earnings away from some, regardless of whether or not they can afford the lost income, to redistribute to others.  I do not see the PFD as a right.