As I recall, we were just fine pre-1970 and major oil dollars.  With the PF we now have, it should not be this difficult to transition to a post-oil economy.  The politicians appear to be intent on destroying that fund either by a slow strangulation of spending the earnings reserve or by a thousand cuts.  It will take a while, but I see them spending all of the PF so Alaska can ultimately go the route of bankruptcy to pay off oil-excess-spending created debt.