McRae: A Treasurer’s view of Trump’s victory
By Treasurer David McRae
Note: The following column is written and provided by state Treasurer David McRae. Any opinions expressed are those of the writer only.
America has just completed one of the most consequential elections in our history – an election that largely hinged on a single question: Are you better off today than you were four years ago? Given that President Trump amassed more than 300 electoral votes and the support of more than 72 million Americans, the answer was proclaimed loud and clear: No, America was not better off under a Biden-Harris administration.
Grocery costs have increased. Gas prices are up. Illegal immigration has skyrocketed. Housing is less affordable and abundant. Regardless of how you look at your situation, the country has taken a step backwards. But I am exceedingly optimistic that our fate is about to change.
During Trump’s first term, a gallon of gas cost an average of $2.57 (compared to $3.60 under Biden). The average inflation rate was 1.7 percent under Trump (compared to 5.2 percent under Biden). Egg prices never rose higher than $2.02 (but they hit $4.82 under Biden). No matter how you look at it, President Trump was good for the economy.
Why was he so good for the economy? A few simple changes. First, he cut regulations. For President Trump, this wasn’t just a talking point. Early in his administration, the President issued an executive order promising to cut two regulations for every new one imposed. By 2019, the Trump Administration had cut nearly eight regulations for every new, significant regulation. This freed businesses to do business, energizing the economy.
Second, he invested in American energy. Under President Trump, America was energy independent, meaning we didn’t rely on foreign countries to power our homes and vehicles. As a result, foreign governments lost their ability to manipulate our economy and foreign policy through the price of oil. Biden reversed much of this progress on Day 1 in office, however, restricting drilling and killing the Keystone XL Pipeline project.
Finally, President Trump invested in “We the People.” His 2017 Tax Cuts and Jobs Act put money back in the pockets of hard working Americans. In fact, a study by the IRS found that those earning under $50,000 saw their taxes reduced by 16 to 26 percent in 2018. Those earning from $50,000 to $100,000 saw their taxes fall 15 to 17 percent.
As State Treasurer, I’ve been fighting to implement many of the same principles Trump did. I’ve worked to cut red tape and make it easier for you to get your unclaimed money. I’ve resisted woke ESG investment policies that stand in opposition to American energy independence. And I’ve invested in “We the People,” delivering debt deals and financial returns that have produced hundreds of millions of dollars for Mississippi taxpayers. Whether carried out on the federal or state level, we know these principles work, and I trust that President Trump will deliver on them, making America greater again.
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.
