McRae: Budget Wins
Note: This article is written and provided by Mississippi State Treasurer David McRae. Opinions are that of the author and not necessarily that of this publication.
By Treasurer David McRae
I’m a born and raised Mississippian. Mississippi is where I met my wife and where we decided to raise our three wonderful children. I’m proud to share roots with people who are dedicated workers, people who uphold their family values, and people who are true patriots.
Over the past four and half years, my team and I have worked hard to deliver real results to Mississippians. I’m proud to report our team has returned more money back to residents – in excess of $100 million – through our unclaimed money program than any other Treasurer in that amount of time.
The Mississippi Prepaid Affordable College Tuition (MPACT) Legacy plan, which was just 72 percent funded and on track to require a massive taxpayer bailout, is now funded at 99.7 percent. The newer Horizon Plan is fully solvent and we’re going to keep it on that trajectory!
Meanwhile, we’ve been making deals to stretch your tax dollars even further. Early on, I worked with the Governor to strike a debt refinancing deal that saved taxpayers $100 million. More recently during the last fiscal year, we were able to earn the state $375 million in interest income, helping alleviate the state’s financial burden on taxpayers.
These smart financial decisions have protected the state’s strong credit rating and kept Mississippi on sound financial footing.
Taken together, these are massive victories for taxpayers that have infused Mississippi’s economy with hundreds of millions of dollars.
Federally, things aren’t going as well. Under the Biden-Harris administration, the U.S. credit rating was downgraded and America delved deeper into debt than ever. As a result, we’ve seen stock prices tumble, as our grocery and gas bills remain historically high. Without a doubt, we’re feeling the impact of Washington’s failed policies. In fact, the latest Gallup Economic Confidence Index registered -34, reflecting a deterioration in how Americans feel about the country’s economic trajectory.
I have been outspoken about the fact that things need to change in Washington, but until that happens, I’m going to continue to fight for fiscal responsibility here in Mississippi, as your State Treasurer – and whenever possible, I am going to fight to deliver real results that ease the burden on taxpayers and save you money.
As always, if you need anything from my office, please call 601-359-3600.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
