1 00:00:00,200 --> 00:00:03,040 Speaker 1: The Greenwich Economic Forum really can't say enough about that. 2 00:00:03,360 --> 00:00:07,360 Speaker 1: Behind that and support is their Governor Ned Lamont. He 3 00:00:07,480 --> 00:00:09,560 Speaker 1: is the governor of Connecticut and of course has a 4 00:00:09,600 --> 00:00:13,880 Speaker 1: storied history here of doing business and attempting to keep 5 00:00:13,960 --> 00:00:17,079 Speaker 1: business within Connecticut. Of course, all the idea of the 6 00:00:17,120 --> 00:00:21,119 Speaker 1: transfer of Connecticut to maybe a greater New York business 7 00:00:21,160 --> 00:00:23,639 Speaker 1: as well. Governor, thank you so much for joining surveillance 8 00:00:23,680 --> 00:00:26,000 Speaker 1: this morning. What are you going to do about Florida? 9 00:00:26,560 --> 00:00:29,160 Speaker 1: What are you going to do about somebody in an 10 00:00:29,320 --> 00:00:33,320 Speaker 1: X million dollar palace in Greenwich or someplace else, or 11 00:00:33,400 --> 00:00:36,479 Speaker 1: somebody in one hundred and twenty two thousand dollars rental 12 00:00:36,560 --> 00:00:40,040 Speaker 1: paying four thousand bucks a months in Connecticut, and both 13 00:00:40,120 --> 00:00:43,199 Speaker 1: these people say I'm moving to Florida. What are you 14 00:00:43,240 --> 00:00:44,080 Speaker 1: going to do about it? 15 00:00:46,040 --> 00:00:47,400 Speaker 2: I'm good to see you. First of all, this is 16 00:00:47,440 --> 00:00:50,239 Speaker 2: not a soiree. This is a hard working group for 17 00:00:50,280 --> 00:00:53,640 Speaker 2: the French Economic Forum. We have a lot of fintech 18 00:00:53,680 --> 00:00:59,680 Speaker 2: and financial services here expanding here, moving here. You're right though, 19 00:01:00,160 --> 00:01:02,800 Speaker 2: these firms also have a foot down in Florida. So 20 00:01:02,840 --> 00:01:06,040 Speaker 2: there's a little bit of a competition Greenwich and Stanford 21 00:01:06,160 --> 00:01:09,640 Speaker 2: and Miami. You know, when it comes to housing prices. 22 00:01:09,680 --> 00:01:13,360 Speaker 2: We're very competitive when it comes to workforce and you know, 23 00:01:14,040 --> 00:01:18,720 Speaker 2: young well educated folks ready for the fintech world. Connecticut 24 00:01:18,800 --> 00:01:22,679 Speaker 2: is very competitive there, and we've had tens of thousands 25 00:01:22,680 --> 00:01:26,280 Speaker 2: of new families move into the state of Connecticut, you know, 26 00:01:26,440 --> 00:01:28,720 Speaker 2: in each of the last few years. So I think 27 00:01:28,760 --> 00:01:31,080 Speaker 2: we're making progress. A lot of people want to be here. 28 00:01:31,280 --> 00:01:35,199 Speaker 1: What is your most effective text policy over the next 29 00:01:35,280 --> 00:01:38,000 Speaker 1: five years to compete with the American South? 30 00:01:39,800 --> 00:01:41,720 Speaker 2: Did you say tech or tax? 31 00:01:42,000 --> 00:01:45,800 Speaker 1: Text? Tax? Tax policy? Connecticut? I don't know if you're 32 00:01:45,800 --> 00:01:49,080 Speaker 1: aware they have a few marginal taxes, to say the least. 33 00:01:49,320 --> 00:01:52,520 Speaker 1: What are you going to do about tax policy in Connecticut? 34 00:01:53,920 --> 00:01:56,280 Speaker 2: Well, look, I don't think we'll ever be as cheap 35 00:01:56,320 --> 00:01:58,600 Speaker 2: as Farta when it comes to taxes, because they can 36 00:01:58,680 --> 00:02:02,480 Speaker 2: tax sunshine and tour is. But we have an amazing 37 00:02:02,640 --> 00:02:06,760 Speaker 2: education system, which is a big plus. We just reduce 38 00:02:07,120 --> 00:02:09,679 Speaker 2: taxes for everybody earning up to about two hundred and 39 00:02:09,720 --> 00:02:12,760 Speaker 2: fifty thousand, so we're the lowest in the region, so 40 00:02:12,800 --> 00:02:17,160 Speaker 2: we're making a real progress there. We've eliminated the estate tax, 41 00:02:17,200 --> 00:02:20,800 Speaker 2: where everybody except for the very top five percent of people, 42 00:02:21,320 --> 00:02:23,520 Speaker 2: so I take that to account. But I also have 43 00:02:23,560 --> 00:02:26,960 Speaker 2: to sell Connecticut on the attributes. And that's not just 44 00:02:27,040 --> 00:02:29,720 Speaker 2: the lifestyle. That's not just the easy access to New 45 00:02:29,800 --> 00:02:32,720 Speaker 2: York or Boston, great place to visit, wouldn't want to 46 00:02:32,720 --> 00:02:35,880 Speaker 2: live there, but also the quality of education system at 47 00:02:35,880 --> 00:02:36,560 Speaker 2: our workforce. 48 00:02:37,320 --> 00:02:41,000 Speaker 3: How difficult, governor is it to really build up Connecticut 49 00:02:41,080 --> 00:02:43,520 Speaker 3: at a time where they are where you are losing population, 50 00:02:44,120 --> 00:02:46,640 Speaker 3: when borrowing costs are where they are, where you don't 51 00:02:46,639 --> 00:02:49,440 Speaker 3: have the leeway of borrowing to build so that they 52 00:02:49,440 --> 00:02:49,919 Speaker 3: will come. 53 00:02:53,000 --> 00:02:55,560 Speaker 2: Well, look, let's flase it. We are flat as a 54 00:02:55,560 --> 00:02:58,280 Speaker 2: pancake for thirty years there. You're absolutely right. We were 55 00:02:58,360 --> 00:03:01,119 Speaker 2: losing population. A lot of the older folks were going 56 00:03:01,160 --> 00:03:04,080 Speaker 2: down to Florida. That's turning around a bit. You know, 57 00:03:04,919 --> 00:03:08,880 Speaker 2: during the COVID days, our schools were open. A lot 58 00:03:08,919 --> 00:03:11,240 Speaker 2: of folks moved into the state. A lot of them 59 00:03:11,320 --> 00:03:13,640 Speaker 2: came from New York, to be blunt about it, and 60 00:03:13,680 --> 00:03:16,720 Speaker 2: they stayed. So our schools were expanding. You know. The 61 00:03:16,720 --> 00:03:18,920 Speaker 2: biggest shortfall I've got is housing. I got to make 62 00:03:18,960 --> 00:03:21,000 Speaker 2: sure we have enough housing for people here. 63 00:03:21,600 --> 00:03:24,359 Speaker 3: There's a problem though, with businesses. I mean, Frontier Communications 64 00:03:24,400 --> 00:03:27,799 Speaker 3: was the latest going to I believe Dallas from Norwalk, Connecticut. 65 00:03:27,800 --> 00:03:30,880 Speaker 3: I mean some businesses are looking for that tax advantage 66 00:03:30,880 --> 00:03:33,760 Speaker 3: as well. It's not just older people in particular. I 67 00:03:33,880 --> 00:03:36,560 Speaker 3: just am wondering how much you can really cater to 68 00:03:36,600 --> 00:03:38,800 Speaker 3: the tax side of the equation when you can't plug 69 00:03:38,840 --> 00:03:41,880 Speaker 3: the gap on the borrowing side simply because of where 70 00:03:41,920 --> 00:03:42,520 Speaker 3: yields are. 71 00:03:44,640 --> 00:03:44,800 Speaker 4: Well. 72 00:03:44,840 --> 00:03:48,440 Speaker 2: I can tell you that Frontier, which was nearly bankrupt, 73 00:03:48,560 --> 00:03:50,840 Speaker 2: did move their corporate headquarters, but you know, all the 74 00:03:50,880 --> 00:03:54,000 Speaker 2: staff is still here. But you know, Citadel and Apollo, 75 00:03:54,400 --> 00:03:57,400 Speaker 2: Digital Currency Group and Tomo all moved to the state. 76 00:03:57,880 --> 00:04:01,280 Speaker 2: We're taking sort of an older economy and slowly moving 77 00:04:01,280 --> 00:04:03,960 Speaker 2: into a newer economy. So I like the trend there. 78 00:04:04,200 --> 00:04:07,560 Speaker 2: You're absolutely right. Look, taxes is a variable. New England 79 00:04:07,640 --> 00:04:12,040 Speaker 2: Northeast is more expensive than the sun Belters. I call 80 00:04:12,080 --> 00:04:15,839 Speaker 2: it the hot belt. But we're getting more competitive every day, 81 00:04:15,840 --> 00:04:18,240 Speaker 2: and I think our workforce is a big advantage. 82 00:04:18,680 --> 00:04:20,360 Speaker 5: Governor, do you have a micro crisis. 83 00:04:22,360 --> 00:04:24,440 Speaker 2: No, I wouldn't say it's a crisis, but I watch 84 00:04:24,480 --> 00:04:28,680 Speaker 2: it carefully. We've had a few thousand migrants come. We 85 00:04:28,760 --> 00:04:30,600 Speaker 2: have a bit of a waiting list, but for us, 86 00:04:30,640 --> 00:04:34,120 Speaker 2: a waiting list is going from three weeks to three months. 87 00:04:34,160 --> 00:04:38,800 Speaker 2: It's not what it is you know, New York and Texas, 88 00:04:39,000 --> 00:04:41,760 Speaker 2: but we watch it carefully. They've got to get to 89 00:04:41,880 --> 00:04:43,600 Speaker 2: control of the border. That's just a deal. 90 00:04:43,880 --> 00:04:45,560 Speaker 5: You're a sanctuary stay on you am, I. 91 00:04:45,560 --> 00:04:49,720 Speaker 2: Right, No, that's not true. But we do have a 92 00:04:49,800 --> 00:04:53,200 Speaker 2: couple of cities that claim that. But this is not 93 00:04:53,279 --> 00:04:56,039 Speaker 2: a sanctuary state. We do take care of people in 94 00:04:56,160 --> 00:04:58,760 Speaker 2: need when they come to the state. But again I 95 00:04:58,800 --> 00:05:01,920 Speaker 2: think that said, we've got to get control of the border. 96 00:05:02,120 --> 00:05:04,240 Speaker 5: What do you make of the attitude changes in places 97 00:05:04,320 --> 00:05:07,240 Speaker 5: like New York with a year or so ago, they 98 00:05:07,240 --> 00:05:10,520 Speaker 5: were welcoming migrants and people seeking asylum, and now they 99 00:05:10,520 --> 00:05:12,080 Speaker 5: seem to be turning them back on that. Now they 100 00:05:12,120 --> 00:05:14,039 Speaker 5: actually have to confront what that looks like. 101 00:05:16,520 --> 00:05:17,080 Speaker 4: I think. 102 00:05:18,440 --> 00:05:21,080 Speaker 2: A moderate is a liberal who is rugged by reality. 103 00:05:21,120 --> 00:05:24,679 Speaker 2: When New York City has, you know, hundreds of thousands 104 00:05:24,680 --> 00:05:26,560 Speaker 2: of new viruents, you've got to take care of. You've 105 00:05:26,560 --> 00:05:31,279 Speaker 2: got to shelter. Kathy Holkals has been very outspoken on this, 106 00:05:31,480 --> 00:05:33,880 Speaker 2: as Hays Eric Adams. Got to get these people that 107 00:05:33,960 --> 00:05:36,880 Speaker 2: they're there. You're either going to be on a welfare 108 00:05:36,920 --> 00:05:38,520 Speaker 2: They're gonna have to be able to get a job. 109 00:05:39,240 --> 00:05:41,240 Speaker 2: It all circles back to the fact that you've got 110 00:05:41,279 --> 00:05:42,200 Speaker 2: to control your border. 111 00:05:42,800 --> 00:05:45,800 Speaker 5: So we sang Governor that what we saw for much 112 00:05:45,800 --> 00:05:48,720 Speaker 5: of the last several years around this issue was purely 113 00:05:48,760 --> 00:05:51,640 Speaker 5: just virtue signaling without a price, and that had now 114 00:05:51,720 --> 00:05:52,920 Speaker 5: been monks by reality. 115 00:05:55,760 --> 00:05:59,240 Speaker 2: Well, let's face it, we've had a lot of vibrants 116 00:05:59,279 --> 00:06:01,880 Speaker 2: coming across the border, you know, going back to Donald 117 00:06:01,920 --> 00:06:05,880 Speaker 2: Trump and caravans of terrorists or whatever he said. But 118 00:06:05,960 --> 00:06:08,520 Speaker 2: that said, we got to control that. Part of that 119 00:06:08,680 --> 00:06:11,200 Speaker 2: is what you do at the border. Maybe you recognize 120 00:06:11,279 --> 00:06:14,440 Speaker 2: Venezuela and do some things to mitigate the pressure for 121 00:06:14,480 --> 00:06:16,880 Speaker 2: people wanted to come into the United States. 122 00:06:17,360 --> 00:06:22,120 Speaker 1: And I'm absolutely thrilled to find how we're going to 123 00:06:22,200 --> 00:06:26,360 Speaker 1: save banking in the Northeast. As you know, you had 124 00:06:26,400 --> 00:06:30,360 Speaker 1: six football field platforms of ubs long ago and far 125 00:06:30,400 --> 00:06:33,400 Speaker 1: away in Stamford, and that's sort of It's not that 126 00:06:33,440 --> 00:06:37,200 Speaker 1: it didn't work out, it's just technology advance forward with 127 00:06:37,360 --> 00:06:42,520 Speaker 1: work from home. With technology, how does Connecticut stay financial? 128 00:06:45,360 --> 00:06:49,240 Speaker 4: I think work from home tom is a good trend 129 00:06:49,240 --> 00:06:51,400 Speaker 4: for us in the sense that we used to have 130 00:06:51,440 --> 00:06:55,400 Speaker 4: everybody commuting back and forth and into the city and 131 00:06:55,440 --> 00:06:57,840 Speaker 4: down the Wall Street and the long haul, and then 132 00:06:57,920 --> 00:06:59,440 Speaker 4: as you point out, a lot of one of the 133 00:06:59,560 --> 00:07:01,680 Speaker 4: closer to a home, so they move some of. 134 00:07:01,600 --> 00:07:04,440 Speaker 2: Their headquarters out of here. What we're fighting is, maybe 135 00:07:04,440 --> 00:07:07,400 Speaker 2: you're in the city two three days a week. Our 136 00:07:07,480 --> 00:07:10,120 Speaker 2: Metro North trains on Friday are not crowded at all. 137 00:07:10,160 --> 00:07:12,240 Speaker 2: In fact, they're virtually empty. We're going to cut down 138 00:07:12,280 --> 00:07:15,320 Speaker 2: there a little bit, just because people have a different lifestyle, 139 00:07:15,680 --> 00:07:17,640 Speaker 2: and I think the fact that you can be closer 140 00:07:17,680 --> 00:07:20,760 Speaker 2: to home out here in Connecticut you don't have to 141 00:07:20,760 --> 00:07:23,040 Speaker 2: do that commute five days a week, is a big 142 00:07:23,080 --> 00:07:24,560 Speaker 2: plus for the Connecticut lifestyle. 143 00:07:25,080 --> 00:07:27,640 Speaker 5: Governor, appreciate the update today. Let's do this again soon, 144 00:07:27,640 --> 00:07:31,720 Speaker 5: Governor Ano. I'm On of Connecticut from the Granwich Economic Forum.