WEBVTT - Jobs, Midterms, and Twitter (Podcast) 0:00:00.800 --> 0:00:04.040 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside 0:00:04.040 --> 0:00:06.920 my co host Matt Miller. Every business day we bring 0:00:06.960 --> 0:00:11.520 you interviews from CEOs, market pros, and Bloomberg experts, along 0:00:11.520 --> 0:00:15.520 with essential market moving news. Find the Bloomberg Markets Podcast 0:00:15.600 --> 0:00:18.439 on Apple Podcasts or wherever you listen to podcasts, and 0:00:18.480 --> 0:00:22.000 at Bloomberg dot com slash podcast. We have John Goldnack. 0:00:22.040 --> 0:00:24.480 He is a vice president at Attico. Part let's start 0:00:24.520 --> 0:00:26.440 off with the jobs numbers here because not only as 0:00:26.480 --> 0:00:28.360 mid terms went to be one of the major drivers 0:00:28.360 --> 0:00:31.400 with the jobs numbers as well. John, apologies on my part. 0:00:31.720 --> 0:00:34.600 Let's start with your initial reaction to the jobs numbers today. 0:00:34.880 --> 0:00:36.840 What was great was, you know, you see the markets 0:00:36.880 --> 0:00:38.400 going up and down. There's a lot of good in 0:00:38.400 --> 0:00:40.960 this job's report, um and then and then there's ways 0:00:41.000 --> 0:00:43.040 that you know, you could interpret it a little bit differently. 0:00:43.040 --> 0:00:45.440 But what I love about it wage growth, you know, 0:00:45.520 --> 0:00:48.120 starting to slow down. We're seeing stability that's going to 0:00:48.240 --> 0:00:51.360 allow companies that you know, that confidence to continue to hire. 0:00:51.720 --> 0:00:54.240 The quits are holding steady, so some of the retention 0:00:54.280 --> 0:00:57.400 strategies that are employers are putting in really slowing down 0:00:57.440 --> 0:00:59.320 the churn that we saw a couple of quarters ago. 0:00:59.400 --> 0:01:01.800 So I like to that consistency. One of the things 0:01:01.840 --> 0:01:04.760 that Pals dated though, was that demand, can you know 0:01:04.959 --> 0:01:08.080 substantially is exceeding supply right now? So I think we 0:01:08.120 --> 0:01:10.880 do need to look at that labor participation rate. We're 0:01:10.880 --> 0:01:13.800 holding flat there. Um, we've got to continue to focus 0:01:13.840 --> 0:01:16.160 on upskilling and reskilling these workers so we can get 0:01:16.200 --> 0:01:20.080 some of those leisure and hospitality colleagues that really haven't 0:01:20.120 --> 0:01:23.200 been enjoying the fruit right now since COVID. We need 0:01:23.280 --> 0:01:25.039 to get them in some other industries right now so 0:01:25.120 --> 0:01:27.600 we can uptake this participation rate. And I think I 0:01:27.600 --> 0:01:29.720 think we're gonna be in a good spot. But yeah, 0:01:29.760 --> 0:01:31.600 there's still some pause I think in the labor market, 0:01:31.680 --> 0:01:34.400 waiting to see what happens with these midterms. Yeah, it's 0:01:34.440 --> 0:01:36.480 a really interesting point you make there. I want to 0:01:36.480 --> 0:01:39.480 get into that a little bit more about the dislocation 0:01:39.640 --> 0:01:43.440 between the openings that we're seeing and the participation rate. 0:01:43.560 --> 0:01:46.199 Is that starting to come together in terms of people 0:01:46.240 --> 0:01:48.400 getting into the jobs that are open or are we 0:01:48.480 --> 0:01:51.400 are still seeing a gap there. We're still seeing a 0:01:51.400 --> 0:01:54.000 gap there, but we're making progress. We're seeing employers take 0:01:54.040 --> 0:01:56.560 a look at their job descriptions, looking at the you know, 0:01:56.720 --> 0:01:59.640 the barriers to entry. Do you need a high school diploma? 0:01:59.760 --> 0:02:02.279 Can we do some on the job training. We're also seeing, 0:02:02.560 --> 0:02:05.280 you know, a re emergence of some vocational and technical 0:02:05.280 --> 0:02:08.200 trade schools coming up. You know, if we can't upscale 0:02:08.240 --> 0:02:10.239 or rescale, we're gonna have to create some workers to 0:02:10.320 --> 0:02:13.639 come in. So I see people getting more creative, opening 0:02:13.720 --> 0:02:16.679 up their days and letting letting new people come in. Um, 0:02:16.680 --> 0:02:18.760 it's just a question of that the culture change. It's 0:02:18.760 --> 0:02:21.000 going to take a little bit more time and as 0:02:21.080 --> 0:02:24.000 we continue, you know, to improve. We're seeing so much 0:02:24.080 --> 0:02:27.720 hiring and healthcare has been consistent, I mean, seven thousand 0:02:27.720 --> 0:02:30.480 per month compared to nine thousand per month twenty two 0:02:30.639 --> 0:02:34.720 versus twenty one. So what a huge investment in infrastructure. 0:02:34.960 --> 0:02:37.960 But but you're right, there's a dislocation by sector and 0:02:38.000 --> 0:02:41.320 until we can get the whole up in that participation rate, UM, 0:02:41.480 --> 0:02:45.040 we still have to stay focused on reskilling and upskilling workers. Well, 0:02:45.080 --> 0:02:48.920 speaking of a diversion by sector, I I'm interested in 0:02:49.000 --> 0:02:52.040 the oil and gas sector specifically. Believe only four hundred 0:02:52.120 --> 0:02:55.200 jobs were added in that sector sector that the Biden 0:02:55.200 --> 0:02:59.120 administration has been actively trying to really ramp up in 0:02:59.200 --> 0:03:01.680 terms of production. In turn, the industry saying, look, we 0:03:01.720 --> 0:03:04.440 are still in dealing with supply chain issues despite these 0:03:04.480 --> 0:03:08.919 record profits. We can't ramp up production that quickly. Where 0:03:08.919 --> 0:03:10.600 does the jobs market falls. They're a little bit of 0:03:10.639 --> 0:03:13.760 catch up to be played by that sector. I think 0:03:13.800 --> 0:03:16.320 when you look at energy in general, it's been it's 0:03:16.360 --> 0:03:19.040 been growing. Energy has been a growing sector. So you 0:03:19.040 --> 0:03:21.880 know this this comes into can we get people to 0:03:21.919 --> 0:03:25.080 work around the clock, can we get second third shifts? 0:03:25.120 --> 0:03:27.839 You know, oil industry is not a nine to five job, 0:03:27.919 --> 0:03:30.400 so you're looking at a type of worker. Um, that's 0:03:30.400 --> 0:03:32.880 a very narrow base. So again this comes down to, 0:03:33.400 --> 0:03:36.440 you know, we need to reskill and bring people in 0:03:36.640 --> 0:03:41.000 two different industries like energy, like healthcare that are growing. Um, 0:03:41.080 --> 0:03:42.960 it's it's challenging. But you know, one of the other 0:03:43.000 --> 0:03:45.680 things I think is important to note if you look 0:03:45.680 --> 0:03:48.720 at the ADP report, UM specifically, they had a comment 0:03:48.760 --> 0:03:54.520 there about company size and company size fifty employees. They 0:03:54.520 --> 0:03:58.560 added two jobs per a DP. Now, if you look 0:03:58.560 --> 0:04:01.000 at that, that's virtually almost all gains. So so what 0:04:01.120 --> 0:04:04.240 that tells me a little bit I interpret that as 0:04:04.520 --> 0:04:07.160 the larger companies right now have have got a little 0:04:07.160 --> 0:04:09.720 bit of the talent they're they're holding right now, they've 0:04:09.760 --> 0:04:11.760 got strategy, they're waiting to see what happens in the 0:04:11.760 --> 0:04:14.760 mid terms, but it's created an opportunity window for these 0:04:14.800 --> 0:04:17.799 small and midsized companies who have been fighting for the talent. 0:04:17.880 --> 0:04:19.800 They're finally starting to get some of it right now. 0:04:19.880 --> 0:04:22.120 So that was encouraging for me to see small and 0:04:22.120 --> 0:04:25.160 midsized companies really make some gains. Um. I think we'll 0:04:25.200 --> 0:04:27.480 see the fruit of that in the next couple of months, 0:04:27.800 --> 0:04:29.880 certainly something we're going to keep our eye on. John 0:04:29.880 --> 0:04:33.240 Golnac of a Deco, we thank you as always for 0:04:33.360 --> 0:04:36.120 joining us an apologies again for the intro. I look 0:04:36.160 --> 0:04:41.200 forward to to having you back on the show. What 0:04:41.360 --> 0:04:45.320 also never gets old is analysis from a certain gentleman 0:04:45.400 --> 0:04:49.960 who has just a real affinity for looking at things 0:04:50.160 --> 0:04:53.040 state by state. Of course, as a background in Muty bonds, 0:04:53.200 --> 0:04:55.679 so I feel like you never forget your first speak. 0:04:55.800 --> 0:04:58.680 Matthew Winkler, Editor in chief Meritis joins me right here 0:04:58.720 --> 0:05:00.960 in studio. Real pleasure I wanted before we get to 0:05:01.040 --> 0:05:03.560 your column. Is that true? You never forget your first beat. 0:05:04.360 --> 0:05:07.719 I think it's true, and it's always delight to be 0:05:07.800 --> 0:05:10.279 with you. You're very sweet. Thank you. Um Well. He 0:05:10.279 --> 0:05:14.040 wrote this incredible column about Ohio specifically, when you think 0:05:14.080 --> 0:05:18.440 about globalization, Ohio doesn't necessarily immediately come to mind for me. 0:05:18.480 --> 0:05:24.680 It's New York or l A maybe, but right, you know, 0:05:24.760 --> 0:05:27.040 somewhere near the water m But he makes the argument 0:05:27.080 --> 0:05:31.680 that Ohio is actually benefited, perhaps more than others from globalization. 0:05:32.000 --> 0:05:36.560 Walks through that. So you're absolutely right. If you are 0:05:37.080 --> 0:05:40.800 on the campaign trail, all you hear is very xenophobic 0:05:41.560 --> 0:05:47.320 comments about businesses overseas from both the Democrat and the 0:05:47.320 --> 0:05:51.040 Republican candidates for Senate j d Vance on the Republican 0:05:51.120 --> 0:05:56.880 side and Ryan among the Democrats. What is the reality, however, 0:05:57.120 --> 0:06:02.520 is that Ohio is um one of the greatest beneficiaries 0:06:02.520 --> 0:06:06.240 of globalization, as measured by the fact that it has 0:06:06.320 --> 0:06:12.120 more foreign owned factories per square thousand miles than any 0:06:12.160 --> 0:06:14.320 other state in the country. And if you break that 0:06:14.360 --> 0:06:19.400 down even more, h every business, the publicly traded Giant, 0:06:19.520 --> 0:06:24.240 Procter and Gamble to family owned companies, they all are 0:06:24.560 --> 0:06:29.359 huge beneficiaries of trade with China, Canada, and Mexico. And 0:06:29.800 --> 0:06:35.120 that's a long running story. And if you consider that, 0:06:35.520 --> 0:06:39.200 probably the factory worker as we know it historically has 0:06:39.240 --> 0:06:44.440 been displaced mostly by automation. Ohio has actually been working 0:06:44.760 --> 0:06:48.400 because of globalization. So that's really the story and it 0:06:48.560 --> 0:06:51.159 and it doesn't stop. But nobody talks about this. And 0:06:51.680 --> 0:06:55.240 every way you look at it, there's something like almost 0:06:55.320 --> 0:06:59.560 eight hundred foreign factories in Ohio. You can't miss them. 0:06:59.560 --> 0:07:02.480 I mean, if land in Columbus, for example, and just 0:07:02.720 --> 0:07:07.080 drive a little bit north you hit Marysville, Ohio, which 0:07:07.160 --> 0:07:12.720 is the center of Honda's North American UM production factory. 0:07:13.800 --> 0:07:17.320 Of course they at The argument that anti globalists would 0:07:17.320 --> 0:07:20.600 make is that it's added to the wealth gap between 0:07:20.680 --> 0:07:23.600 rich and poor. That you know, so much labor can 0:07:23.680 --> 0:07:28.040 be farmed out to foreign countries and the US doesn't 0:07:28.120 --> 0:07:32.880 get that much in return. Are you seeing that in Ohio? Well, 0:07:32.880 --> 0:07:38.000 not really, because Ohio has done very well recruiting uh, 0:07:38.040 --> 0:07:42.920 not just Honda, but Siemens uh for example, air liquid 0:07:43.200 --> 0:07:47.080 from France. UM. It's done a great job recruiting companies 0:07:47.120 --> 0:07:51.560 from overseas and letting them prosper in Ohio, paying very 0:07:51.640 --> 0:07:54.000 high wages. By the way, all of these companies that 0:07:54.040 --> 0:07:58.280 are far and owned that operate in Ohio are the 0:07:58.320 --> 0:08:01.320 ones that are providing the high is paying jobs. Now, 0:08:01.440 --> 0:08:05.119 the biggest employer in Ohio is Walmart. They have something 0:08:05.160 --> 0:08:09.840 like fifty five thousand what they call associates earning less 0:08:09.840 --> 0:08:13.240 than eighteen dollars an hour. And by the way, you're 0:08:13.560 --> 0:08:16.200 very well aware that Walmart gets a lot of its 0:08:16.240 --> 0:08:19.000 stuff and has been for some time from China. So 0:08:19.440 --> 0:08:23.920 there's Walmart employing more Ohioans than any other company. And 0:08:24.240 --> 0:08:27.680 Ohio is okay with that because Walmart is the biggest 0:08:27.680 --> 0:08:32.000 employer in Ohio. So then factor in the politics of this. Now, 0:08:32.440 --> 0:08:38.160 what could change perhaps in Ohio given some of this rhetoric. Well, unfortunately, 0:08:39.360 --> 0:08:42.520 that's saying the truth is the first casualty, and we 0:08:42.600 --> 0:08:46.040 know it all too well in our own profession of journalism. 0:08:46.120 --> 0:08:52.959 And UM, this contradiction, uh, and that's really what it is. UM. 0:08:53.000 --> 0:08:57.800 The lack of honesty on the campaign trail or even 0:08:57.840 --> 0:09:01.720 in the media narrative makes it difficult for people to 0:09:01.800 --> 0:09:06.760 accept what, in fact, uh is the reality for not 0:09:06.880 --> 0:09:10.840 just the US, but every modern economy in the world. 0:09:11.000 --> 0:09:15.440 We're all inter interdependent, really, UM, and that's not going 0:09:15.520 --> 0:09:17.600 to go away. I mean, even with all of the 0:09:18.160 --> 0:09:24.800 recent hostility towards China, global trade is a reality, and uh, 0:09:24.840 --> 0:09:28.160 you know your your point about fair trade. That's something 0:09:28.200 --> 0:09:31.679 for politicians obviously to sort out. But in the meantime, 0:09:32.600 --> 0:09:37.679 people are working in Ohio because of globalization. I mean 0:09:37.720 --> 0:09:40.160 in some way, Matt, is this just a matter of 0:09:40.800 --> 0:09:44.080 you know, China is an easier political punching bag than 0:09:44.280 --> 0:09:49.440 automation to some extent, Well, it's it's easier insofar as 0:09:49.520 --> 0:09:52.880 China is an autocracy, I mean, where you want to 0:09:52.920 --> 0:09:56.760 call it a dictatorship, So it's an easy target. Having 0:09:56.800 --> 0:09:59.720 said that, it's the second largest economy in the world, 0:10:00.040 --> 0:10:03.080 and it's the one that's grown the most UH in 0:10:03.360 --> 0:10:08.720 our lifetimes. So um, yeah, you can assail China. But 0:10:08.840 --> 0:10:12.160 just about every global business that we know of, UH 0:10:12.200 --> 0:10:16.360 does business in China. And it's two ways. I mean, Ohio, 0:10:16.880 --> 0:10:20.800 by the way, exports quite a bit of its stuff 0:10:21.200 --> 0:10:24.400 to China. It gets more of its stuff from China. 0:10:24.520 --> 0:10:27.200 But it's a two way trade, if you like. And 0:10:27.280 --> 0:10:30.720 that's the reality for a lot of states. Of course. 0:10:31.200 --> 0:10:35.760 Matt Winkler Bloomberg News as founder and editor in chief emeritus, 0:10:35.800 --> 0:10:38.040 I might add wrote this incredible column. Folks check it 0:10:38.040 --> 0:10:40.599 out on Bloomberg dot Com and of course Bloomberg Opinion. O. 0:10:40.720 --> 0:10:43.840 P I N I'll go on your Bloomberg terminal. We 0:10:43.840 --> 0:10:46.000 are very excited to have him in studio, and of 0:10:46.040 --> 0:10:48.040 course he has I'm sure more columns ahead of the 0:10:48.040 --> 0:10:54.240 midterms next week. We're very excited about this next guest 0:10:54.640 --> 0:10:57.360 joining us, especially ahead of mid terms, a really crucial moment, 0:10:57.520 --> 0:10:59.680 not just for the markets, but for politics as well. 0:11:00.120 --> 0:11:03.679 Is Governor Ned Lamont of the great state of Connecticut. 0:11:03.720 --> 0:11:06.599 He's running for re election in two of course, I 0:11:06.640 --> 0:11:10.400 guess Republican Bob Stefanowski, Governor, thank you as always for 0:11:10.520 --> 0:11:13.880 making the time to join us up. Myself and Nathan 0:11:13.880 --> 0:11:16.040 are are very very excited to have you. I want 0:11:16.040 --> 0:11:18.559 to start off with a question about your business background. 0:11:18.640 --> 0:11:20.319 This is at the end of the day Bloomberg Radio. 0:11:20.520 --> 0:11:23.200 You and your opponent both have an extensive career in 0:11:23.280 --> 0:11:26.240 business and finance. But I'm curious if you think the 0:11:26.240 --> 0:11:30.120 Democratic Party has become too anti business or their policies 0:11:30.120 --> 0:11:32.680 aren't promoting enough economic growth. That's certainly some of the 0:11:32.720 --> 0:11:37.160 criticism that the Democratic Party has faced. I'll tell you 0:11:37.160 --> 0:11:39.000 one thing gratty. I think they'd be well served to 0:11:39.040 --> 0:11:42.240 have more people with a business background. You see some 0:11:42.400 --> 0:11:45.720 in the governor's world, and I think that's really positive. UM. 0:11:45.760 --> 0:11:48.840 I worked very closely with Charlie Baker up in Massa Chosetts. 0:11:49.240 --> 0:11:52.120 We both have a business background, which I thought was 0:11:52.240 --> 0:11:55.280 very helpful. Gina Romando next door to me in Rhode 0:11:55.280 --> 0:11:58.160 Island before she went on the commerce And I do 0:11:58.280 --> 0:12:01.120 think I'm the first one UM in forever here in 0:12:01.160 --> 0:12:04.320 the state of Connecticut with a business. I started up 0:12:04.320 --> 0:12:08.520 a business forty years ago building telecommunication systems came out 0:12:08.520 --> 0:12:11.439 of the cable TV and it's the likes of experience 0:12:11.480 --> 0:12:13.520 that I bring to this job every day, knowing what 0:12:13.559 --> 0:12:16.160 it means to was small business, how our policies would 0:12:16.160 --> 0:12:20.400 impact a small business. You know, Governor, your fellow governor 0:12:20.679 --> 0:12:24.240 Democrat of California, Gavin Newsom, has made no secret of 0:12:24.360 --> 0:12:28.680 his feeling that your party, the Democrats, are failing when 0:12:28.679 --> 0:12:31.680 it comes to putting out a coherent economic message. Is 0:12:31.720 --> 0:12:34.240 that of you you share and if so, what can 0:12:34.280 --> 0:12:38.559 you do about it? I'll tell you what we've done 0:12:38.559 --> 0:12:41.880 here in Connecticut. Create something called Advanced CT so I 0:12:41.920 --> 0:12:44.560 get all the business leaders at the table. No more 0:12:44.559 --> 0:12:49.320 of this adversarial relationship or two very different spheres. There 0:12:49.320 --> 0:12:52.240 are best advocates for the state, Nathan, I mean, I'm 0:12:52.320 --> 0:12:54.360 I'm a homer. When a company is thinking about coming 0:12:54.400 --> 0:12:56.840 to the state or expanding the state, Um, you know, 0:12:56.880 --> 0:12:58.320 you know what I'm gonna say and how I'm gonna 0:12:58.320 --> 0:13:00.440 push up When I can send them this abody who's 0:13:00.440 --> 0:13:04.600 an advanced manufacturing or i T or life sciences, who's 0:13:04.640 --> 0:13:07.240 part of our advanced CT team. That's a good way 0:13:07.280 --> 0:13:12.120 to reinvent and sell the company. Walk us through perhaps 0:13:12.120 --> 0:13:15.079 some of the key voter issues here. I mean, we've 0:13:15.080 --> 0:13:17.480 talked about inflation, the economy. A lot of us from 0:13:17.480 --> 0:13:20.360 from Bloombergradi and bloomber Television are talking about just how 0:13:20.440 --> 0:13:22.640 much that is going to drive the drive voters to 0:13:22.720 --> 0:13:25.640 the polls. But it's also crime, it's abortion, it's immigration. 0:13:26.040 --> 0:13:28.680 What would you say is the number one issue that 0:13:28.840 --> 0:13:34.319 is driving voters? I think the economy front and center. Uh. 0:13:34.720 --> 0:13:37.680 Here in Connecticut we've been flat as a pancake for 0:13:37.760 --> 0:13:41.280 thirty years. We hadn't added a new job in thirty years. Uh, 0:13:41.280 --> 0:13:44.280 and we were going from physical crisis to fiscal crisis. 0:13:44.400 --> 0:13:47.680 It was a pretty lousy story. And the last you know, 0:13:48.480 --> 0:13:50.880 four or five years, we're beginning to turn things around, 0:13:50.920 --> 0:13:53.160 and we've had four balanced budgets in a row. We 0:13:53.240 --> 0:13:56.480 did it without raising taxes. That sent a message loud 0:13:56.520 --> 0:14:00.199 and clear to the business community. Connecticut beginning to get 0:14:00.200 --> 0:14:03.600 its fiscal act and u together build on that. We 0:14:03.640 --> 0:14:07.040 hadn't added jobs. Today, we've got created over a hundred 0:14:07.080 --> 0:14:09.760 thousand new jobs that were really working hard to fill 0:14:09.880 --> 0:14:12.720 right now. So when it comes to the economy, we're 0:14:12.760 --> 0:14:15.600 telling that story loud and clear. But there's no getting 0:14:15.600 --> 0:14:18.600 away from inflation and how that slams the middle class. 0:14:18.679 --> 0:14:21.240 And we did what we could. We put in place 0:14:21.360 --> 0:14:24.160 the biggest middle class tax cut in our history, and 0:14:24.200 --> 0:14:26.360 that's money that when the people's pocket. As early as 0:14:26.400 --> 0:14:31.160 this summer, Governor, there is some pushback from the Biden 0:14:31.160 --> 0:14:34.800 administration at the moment against the idea that perhaps the 0:14:34.840 --> 0:14:38.920 federal reserve needs a recession to really fully tackle on 0:14:39.040 --> 0:14:44.080 inflation and in doing that have unemployment rise. Is Connecticut 0:14:44.400 --> 0:14:49.920 prepared for such a move. We're as prepared as you 0:14:49.960 --> 0:14:52.840 can be. For the first time ever. I've got a 0:14:52.920 --> 0:14:55.040 three and a half billion dollar rainy day fund. What 0:14:55.040 --> 0:14:57.840 does that mean? It's about fifteen percent of our revenues. 0:14:57.880 --> 0:15:02.080 So I budgeted very conservatively. I assumed our capital gains 0:15:02.160 --> 0:15:04.640 was gonna be going down, not up this year already. 0:15:05.160 --> 0:15:08.640 Combine that with the fact that I got fiftum set 0:15:08.640 --> 0:15:12.760 aside in cash as necessary if our revenues shortfall. I 0:15:12.760 --> 0:15:14.960 don't want to do anything that upsets the apple cart. 0:15:15.000 --> 0:15:16.840 I don't want to raise any taxes. I don't want 0:15:16.840 --> 0:15:20.800 to slash education spending. That's what the ten previous governors 0:15:20.840 --> 0:15:23.240 have done. That's not what I'm gonna do. At the 0:15:23.320 --> 0:15:26.440 national level, Governor, as you know, there's talk about lifting 0:15:26.480 --> 0:15:30.240 the debt ceiling if Democrats take back control of Congress, 0:15:30.240 --> 0:15:34.160 although here from many pollsters, they don't think that's gonna happen. 0:15:35.040 --> 0:15:38.960 Given the fiscal policy that you're putting forward in Connecticut. 0:15:39.040 --> 0:15:41.640 Is there something that Democrats can take away from on 0:15:41.680 --> 0:15:43.440 a national level from what you're doing in the state 0:15:43.440 --> 0:15:48.800 of Connecticut. I think anything that gives people confidence you're 0:15:48.840 --> 0:15:51.560 dealing with your long term issues, just not the short term, 0:15:51.560 --> 0:15:54.440 makes the difference. It's a sense of direction. I don't 0:15:54.440 --> 0:15:57.440 want anybody playing games with the debt ceiling. I've been 0:15:57.480 --> 0:16:00.320 through this before as an observer when we're gonna shut 0:16:00.360 --> 0:16:02.840 down government if we don't get our way, and now 0:16:02.880 --> 0:16:05.040 as a governor, I can tell you how disastrous that 0:16:05.040 --> 0:16:07.320 would be if there was a real risk that a 0:16:07.360 --> 0:16:09.680 lot of the ongoing support we get from the federal 0:16:09.760 --> 0:16:12.360 government was to be cut off all of a sudden. 0:16:12.800 --> 0:16:14.920 So I really hope that's not a game that Congress 0:16:15.000 --> 0:16:18.880 is going to play. So, then, is the spending that 0:16:18.920 --> 0:16:21.640 we've seen from the BI part is an infrastructure Act 0:16:21.680 --> 0:16:24.240 the Inflation Reduction Act? Is that something that you support? 0:16:25.720 --> 0:16:28.760 That's up my support? Look, Nathan, I'm a We've got 0:16:28.800 --> 0:16:32.800 a hundred year old bridges and old roads, old rails, 0:16:32.920 --> 0:16:36.000 So this is a big deal for us. Every president 0:16:36.040 --> 0:16:39.080 seems to be talking about infrastructure. Of Biden's the first 0:16:39.120 --> 0:16:41.160 guy since Ike as far as I can figure out, 0:16:41.400 --> 0:16:45.480 to really be serious about it. Look, we're geographic. We're 0:16:45.520 --> 0:16:48.240 between New York and Boston. I can take twenty minutes 0:16:48.280 --> 0:16:51.160 off your commute in each direction. It'll take you know, 0:16:51.280 --> 0:16:53.400 five or six years to do it. But these are 0:16:53.440 --> 0:16:56.200 the types of investments that the Infrastructure Bill allows us 0:16:56.240 --> 0:17:00.680 to make. But these infrastructure investments were meant to kind 0:17:00.720 --> 0:17:04.080 of manifest for lack of a better term, over a 0:17:04.160 --> 0:17:07.480 much longer time horizon. We're talking potentially ten years. It's 0:17:07.480 --> 0:17:09.920 not just about kind of roads and bridges. It's about say, 0:17:10.000 --> 0:17:14.479 chip making facilities. Even I wonder, though, if there's a 0:17:14.640 --> 0:17:18.760 risk to the Democratic Party and to this massive infrastructure investment, 0:17:19.080 --> 0:17:22.080 if we not only see a Republican sweep in in 0:17:22.119 --> 0:17:30.520 this midterm election, but potentially a Republican president. I'd be 0:17:30.720 --> 0:17:33.600 very surprised if they wanted to roll back the Infrastructure 0:17:33.600 --> 0:17:37.520 Bill that that did have some bipartisans support, thank you, 0:17:37.560 --> 0:17:41.680 Mitt Romney and um that would surprise me. The Inflation 0:17:41.720 --> 0:17:44.080 Reduction Act. Maybe you think we're putting too much money 0:17:44.160 --> 0:17:49.040 into UM charging stations or resiliency to prevent against flooding. 0:17:49.040 --> 0:17:51.920 But I think after Hurricane Ian people say, hey, probably 0:17:51.960 --> 0:17:54.760 these are investments worth making. You know, I think you'd 0:17:54.760 --> 0:17:57.320 probably have grid luck that the Republicans take over Congress 0:17:57.359 --> 0:17:59.320 and not much had happened for the next two years. 0:17:59.680 --> 0:18:01.560 But we've got a lot of our plate right now. 0:18:01.640 --> 0:18:04.480 I've got to make sure it's appropriately invested. Of course, 0:18:04.480 --> 0:18:07.080 there's a lot of talk as well, Governor about rolling 0:18:07.080 --> 0:18:11.360 back entitlements, Social Security, Medicare Medicaid reform as well. You've 0:18:11.400 --> 0:18:14.160 even heard from Joe Mansion, the Democrat from West Virginia, 0:18:14.200 --> 0:18:15.840 saying that needs to be looked at as well. How 0:18:15.920 --> 0:18:19.239 much of a concern is that for you. I'll tell 0:18:19.280 --> 0:18:22.040 you what we've done here in Connecticut, Nathan. Um. You know, 0:18:22.080 --> 0:18:25.240 they were talking about walking away from our pension obligations 0:18:25.280 --> 0:18:28.040 to state employees we couldn't afford it, and to let 0:18:28.080 --> 0:18:31.680 them fend for themselves. We've done just the opposite. Um. 0:18:31.720 --> 0:18:34.960 We've paid down, not just made the required contributions to 0:18:35.000 --> 0:18:38.040 the state veget funds, but paid down about ten percent 0:18:38.119 --> 0:18:40.960 of it. We're look, we're no showcase. We still have 0:18:41.040 --> 0:18:43.800 a big unfunded liability, but we're a lot better off 0:18:43.840 --> 0:18:46.399 than we were before. And I really urged the federal 0:18:46.480 --> 0:18:49.040 government to take it seriously. Everybody sort of kicks the 0:18:49.119 --> 0:18:52.120 can on Social Security. You can't do that any longer. 0:18:52.400 --> 0:18:55.360 Look what Chip and Ronnie did back in nineteen eighty 0:18:55.440 --> 0:18:57.400 two or three. I think you'll see something like that 0:18:57.440 --> 0:19:01.120 going forward. That's a throwback tip and Ronnie, I want 0:19:01.119 --> 0:19:02.879 to ask you about that a little bit in terms 0:19:02.880 --> 0:19:05.040 of the polarization we're seeing as well. I mean when 0:19:05.040 --> 0:19:08.040 you think of Tip O'Neil and Ronald Reagan, you think 0:19:08.080 --> 0:19:11.120 about you know, there was a time when the parties 0:19:11.200 --> 0:19:14.120 could at least make a show of working together. Now 0:19:14.160 --> 0:19:17.960 we have so much polarization in this country and threats 0:19:17.960 --> 0:19:20.199 of political violence as well. Of course, we saw what 0:19:20.240 --> 0:19:23.280 happened with the Speaker's husband last week. How do we 0:19:23.359 --> 0:19:29.800 get past this polarization in our politics? Governor, you gotta 0:19:29.800 --> 0:19:33.160 turn down the rhetoric. First of all, Um, I don't 0:19:33.320 --> 0:19:35.520 get partisan much, but I think a lot of what 0:19:35.600 --> 0:19:39.480 Donald Trump was saying five years ago made the impermissible permissible. 0:19:39.960 --> 0:19:42.040 I can say here in Connecticut, I think we have 0:19:42.160 --> 0:19:45.040 lowered the temperature. I'm a business guy and a progressive, 0:19:45.160 --> 0:19:49.040 so I do pretty well with both wings, the Republican 0:19:49.119 --> 0:19:51.800 and Democrat. I work like heck to bring people together. 0:19:51.880 --> 0:19:55.159 We've done a fair amount on a bipartisan basis, and 0:19:55.240 --> 0:19:57.879 anything I could do in that way lowers the temperature, 0:19:58.320 --> 0:20:04.000 respect the voting process. Democracy is not a spectator sport. Governor. 0:20:04.040 --> 0:20:07.000 I want to ask you about violence in America at 0:20:07.040 --> 0:20:10.480 the moment, specifically politically motivated violence in America. There's a 0:20:10.520 --> 0:20:13.679 wide by partisan majority of Americans who are worried about 0:20:13.680 --> 0:20:15.639 this issue, and I believe there's a new Washington Post 0:20:15.680 --> 0:20:18.640 ABC News poll that shows nearly nine how to ten 0:20:18.760 --> 0:20:22.320 Americans are concerned that political divisions have intensified to the 0:20:22.320 --> 0:20:25.320 point that there's an increased risk of violence. Is something 0:20:25.320 --> 0:20:27.399 we've certainly seen here in New York City and across 0:20:27.440 --> 0:20:30.000 the country. I'm sad to say, but how do you 0:20:30.080 --> 0:20:38.080 tackle that? Social media has been a really um that 0:20:38.119 --> 0:20:41.879 pours gasoline on the flames, and people are watching that 0:20:42.080 --> 0:20:44.920 and a lot of things that you never say in person. 0:20:45.280 --> 0:20:48.359 You see gin dup uh. Some of that's political, some 0:20:48.480 --> 0:20:51.720 of it's just um, you know, threats. Somebody going online 0:20:51.720 --> 0:20:53.679 and making a threat about his school or something. What 0:20:53.680 --> 0:20:55.119 do you do? Do you shut it down? How do 0:20:55.160 --> 0:20:59.520 you how do you handle that? Um? Number one um, 0:20:59.560 --> 0:21:02.560 Like I said, said, lower the temperature. I try and 0:21:02.640 --> 0:21:05.280 lead by example. I'm not a very polarizing guy, at 0:21:05.320 --> 0:21:08.720 least I hope I'm not. I think that makes a difference. 0:21:09.240 --> 0:21:11.800 And I think as if you see something, say something. 0:21:11.840 --> 0:21:14.960 When I see some of the anti Semitic and racist 0:21:15.000 --> 0:21:19.200 things that get um in graffiti and other threats, you've 0:21:19.240 --> 0:21:21.720 got to say something loud and clear. You can't do 0:21:21.760 --> 0:21:24.040 everything by law. You gotta do a lot by attitude. 0:21:24.960 --> 0:21:27.520 Got about a minute left here, and we appreciate your time. Governor. 0:21:27.560 --> 0:21:29.520 We know you're focused, of course on your own re 0:21:29.680 --> 0:21:31.800 election race, but we want to get your take on 0:21:31.920 --> 0:21:34.800 what you see from the midterms. Lots of talk about 0:21:34.800 --> 0:21:37.520 a potential red wave. Is that what you're seeing from 0:21:37.640 --> 0:21:43.680 where you sit in Connecticut? I hope not. I um 0:21:43.720 --> 0:21:46.960 sometimes divided government's not all bad. You force people to 0:21:47.000 --> 0:21:49.679 the center and get things done. I think it was 0:21:49.720 --> 0:21:52.840 a big red wave that would just be um gridlock. 0:21:52.920 --> 0:21:55.600 I'm not sure that's what you want, but I think 0:21:55.640 --> 0:21:57.520 you know, for the Democrats, you've got to take care 0:21:57.520 --> 0:22:01.160 of the everyday bread and butter, kitchen tabe issues. That's 0:22:01.200 --> 0:22:03.920 inflation and that's a crime. You've got to hit those hard. 0:22:04.200 --> 0:22:06.320 We've done that here in Connecticut, and I think that's 0:22:06.320 --> 0:22:10.959 a message that Democrats to take around the country. The governor, 0:22:11.040 --> 0:22:13.639 we thank you so much for your time. Governor, A 0:22:13.680 --> 0:22:17.800 real pleasure to have you on Bloomberg Radio. Governor Ned 0:22:17.880 --> 0:22:20.320