Some push to characterize Permanent Fund earnings as “free money” and its distribution as a “subsidy.” So, we went down that road. It didn’t surprise us where it leads, but we anticipate it will some. — If there were no Permanent Fund earnings, there would be no Permanent Fund Dividend (PFD). But there also would be no Permanent Fund earnings to help pay for government spending. Instead, Alaskans would have to pay for spending directly through taxes.