McRae: Don’t spend more than you make – Balancing the budget
By Treasurer David McRae
Note: The following column 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.
Don’t spend more than you make. It’s as simple as that. In Mississippi, we live by this rule, yet the federal government spends far beyond its means.
In Mississippi we make good with taxpayer dollars, we don’t spend more money than we have, we save and invest, and we always balance our budget for the year. Washington needs to take notes.
Right now, the national debt sits at $35 trillion. That is $2 trillion more than last year! Spending in Washington is out of control. We need to rein in spending at the federal level, so we don’t hurt our national, state, and local economies by slowing down our investments and overall economic growth.
The national debt matters because as the debt grows so does the interest we pay on that debt. According to the Peter G. Peterson Foundation, we spend $2.4 billion on interest every day. I think we can both agree, there are many ways to better spend that kind of money!
I can’t think of a better time than now to add a Balanced Budget Amendment to the Constitution. The amendment was almost passed into law through Congress in 1995 (it came within just one vote of passing). Presently, the Balanced Budget Amendment is at a standstill, but I think it is time to pass this amendment and hold the federal government accountable for balancing the budget every year. We, as a nation, need to spend responsibly because every dollar will have an impact on our kids’ and this nations’ future.
To combat the rising debt and to fight for a balanced budget, I joined the Compact for a Balanced Budget Commission. I represent Mississippi in this interstate agency fighting for a federal Budget Amendment. With the rising debt, we can’t wait for Congress to act.
We need to start living within our means now.
Balancing the budget is something I feel strongly about. In Mississippi, we always balance the budget, make the most out of our investments, and save for the future. The federal government needs to take a page out of our book. As always, I try to make the most out of your hard-earned tax dollars, and I won’t stop fighting for a balanced budget at the federal level.
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 www.Treasury.MS.gov.
