Note: This item is written and provided by Mississippi State Treasurer David McRae. Any opinions expressed in this article are those of the author and not necessarily that of this publication.
By Treasurer David McRae
I have long believed that Mississippi could be a model for the country. As the national economy faltered, Mississippi produced historic investment returns. When the federal government was taking more money from hard working Americans, Mississippi was returning in excess of $100 million in unclaimed money to our citizens. And as was reiterated earlier this fall, when America’s credit rating weakened, Mississippi’s remained strong.
This October, Fitch Ratings (one of the world’s largest credit rating agencies) affirmed Mississippi’s strong AA credit rating. Moreover, they determined the state’s finances are in “stable” condition. This is tremendous news for Mississippi – especially given the stresses on the U.S. economy.
The truth is that we’ve done things right. We’ve paid our bills on time, kept spending under control, avoided activist ESG investment policies, and ultimately handled taxpayer dollars like any family would – with respect, care, and fiscal responsibility. Certainly, we’ve faced headwinds as a result of Bidenomics, but I’m proud of the work Mississippi’s leadership and the state legislature have done.
Of course, the Fitch report wasn’t the only piece of good economic news Mississippi has seen in recent weeks. This August, the Treasury announced that during the last fiscal year the state earned $375 million in interest income, a historic number that helps alleviate Mississippi’s financial burden on taxpayers.
Additionally, we have strengthened the stability of MPACT. The Legacy Plan, which was just 72 percent funded when I took office, is now 99.7 percent funded, and the Horizon Plan is fully solvent.
State Treasurer David McRae
Without question, Mississippi has a good story to tell, and this fall, we were given the opportunity to do so on the national stage. I am excited to let you know that I’ve been elected as Treasurer of the National Association of State Auditors, Comptrollers, and Treasurers. This group serves as the premier organization working to bring together state officials tasked with the financial management of state government. In this role, I will have a new opportunity to share Mississippi’s approach with the nation and help others understand the value of a conservative, fiscally responsible approach to state government.
I know the state’s financial success doesn’t always mean it’s easier for families to afford their groceries, gas, or utilities. So much of those items are affected by the national supply chain and federal economic policies.
But what the state’s financial success does mean is that you don’t have to bear the burden of yet another irresponsible government spending scheme. I won’t let your state government be part of the problem. And wherever possible, I’ll make it part of the solution. That’s why I’ve been so focused on returning unclaimed money quickly. This program has infused our economy with more than $100 million – without increasing spending. Of note, you can check for unclaimed money today by visiting treasury.ms.gov/search.
Finally, I want to say thank you for giving me the opportunity to share Mississippi’s story. I am incredibly proud of where I’m from – and where I’ve chosen to raise my family. It’s time to let Mississippi be a model for the nation.
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 $100 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
