1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,880 --> 00:00:10,560 Speaker 2: I am here with Governor Ned Lamont of the Great 3 00:00:10,560 --> 00:00:15,280 Speaker 2: State of Connecticut in this October Is that what Amrie 4 00:00:15,360 --> 00:00:19,360 Speaker 2: called it in Connecticut in the Delmar Harbor? And Governor, 5 00:00:19,400 --> 00:00:21,000 Speaker 2: thank you so much for being with us. I want 6 00:00:21,000 --> 00:00:23,880 Speaker 2: to start with something that's an increasingly hot topic. We're 7 00:00:23,880 --> 00:00:27,480 Speaker 2: here at a leader of businesses, with the leaders of 8 00:00:27,520 --> 00:00:31,760 Speaker 2: businesses who oversee huge portfolios of money. How is, governor, 9 00:00:32,200 --> 00:00:34,800 Speaker 2: do you keep attracting this type of business to a 10 00:00:34,920 --> 00:00:38,480 Speaker 2: state while providing some of the social services and other 11 00:00:38,800 --> 00:00:41,519 Speaker 2: expenses that caused taxes to go up. 12 00:00:42,400 --> 00:00:44,800 Speaker 1: Well, the folks here at the Greenwich Economic Forum are 13 00:00:44,880 --> 00:00:48,680 Speaker 1: really important to the state and the fintech sector, the 14 00:00:48,720 --> 00:00:52,319 Speaker 1: financial services sector a big piece of our economy. We're 15 00:00:52,320 --> 00:00:56,120 Speaker 1: part of the New York City financial ecosystem. I think 16 00:00:56,480 --> 00:00:59,280 Speaker 1: what they like here is a little bit of certainty, instability. 17 00:00:59,320 --> 00:01:01,520 Speaker 1: They sort of know the state's going to go our 18 00:01:01,600 --> 00:01:04,560 Speaker 1: taxes a little bit less, and it's not a bad lifestyle. 19 00:01:05,000 --> 00:01:07,800 Speaker 2: Are you concerned about what would happen if, say there 20 00:01:07,840 --> 00:01:10,679 Speaker 2: is a change over in the leadership in New York City, 21 00:01:10,760 --> 00:01:15,320 Speaker 2: Let's say mayoral candidate Zoron Mumdanie does win and implement 22 00:01:15,400 --> 00:01:17,480 Speaker 2: some of the policies that he puts out there. Are 23 00:01:17,480 --> 00:01:20,040 Speaker 2: you concerned about the ramifications for a place like Creditch 24 00:01:20,160 --> 00:01:23,679 Speaker 2: truly relies on the ecosystem of the Tri state region 25 00:01:24,560 --> 00:01:25,080 Speaker 2: a little bit. 26 00:01:25,760 --> 00:01:28,600 Speaker 1: New York City is the financial capital of the world, 27 00:01:28,680 --> 00:01:31,400 Speaker 1: and we're a big piece of it. Here as evidence 28 00:01:31,440 --> 00:01:33,800 Speaker 1: that the Economic Forum and I want to make sure 29 00:01:33,880 --> 00:01:37,080 Speaker 1: that the next mayor understands how important New York City 30 00:01:37,160 --> 00:01:39,720 Speaker 1: is to that system and that's important to Connecticut. 31 00:01:40,160 --> 00:01:42,959 Speaker 2: How concerned are you about who the leader is in 32 00:01:43,000 --> 00:01:45,080 Speaker 2: the Democratic Party right now? Do you have a sense 33 00:01:45,480 --> 00:01:48,320 Speaker 2: of where the leadership really is coming from? 34 00:01:48,440 --> 00:01:52,080 Speaker 1: Governors? Okay, I'm a little loaded for bear on that. 35 00:01:52,160 --> 00:01:56,040 Speaker 1: I like governors. Governors have to get stuff done. Devoters 36 00:01:56,120 --> 00:01:57,800 Speaker 1: have to balance a budget, they have to do it 37 00:01:57,880 --> 00:02:01,000 Speaker 1: on time. Governors can't shut down a government. Governors are 38 00:02:01,040 --> 00:02:02,720 Speaker 1: sort of the opposite of what you see going on 39 00:02:02,800 --> 00:02:05,600 Speaker 1: in Washington. I think on both sides aile. But in 40 00:02:05,640 --> 00:02:08,440 Speaker 1: our case, the Democrats have seized real leadership coming from 41 00:02:08,440 --> 00:02:10,359 Speaker 1: the governors. But don't ask me to ask names. 42 00:02:10,639 --> 00:02:13,280 Speaker 2: Well, but I'm wondering, though, how does a governor take 43 00:02:13,320 --> 00:02:16,480 Speaker 2: that leadership when things are shut down in Washington, DC, 44 00:02:16,720 --> 00:02:19,000 Speaker 2: and it seems like there's a real fissure right now 45 00:02:19,320 --> 00:02:23,280 Speaker 2: in the party and tactics in approach in platform. 46 00:02:24,400 --> 00:02:27,880 Speaker 1: I can tell you the governors are incredibly frustrated. Democrats 47 00:02:27,919 --> 00:02:31,880 Speaker 1: are louder about it than Republicans. You know, we balance 48 00:02:31,919 --> 00:02:34,480 Speaker 1: our budget, we do it based upon some assumptions in 49 00:02:34,560 --> 00:02:36,920 Speaker 1: terms of what our relationship is with the federal government. 50 00:02:37,120 --> 00:02:39,320 Speaker 1: If they pull the rug out from under you every week, 51 00:02:39,400 --> 00:02:41,760 Speaker 1: seems to be happening right now, it makes it very 52 00:02:41,760 --> 00:02:44,160 Speaker 1: difficult for that certainty of stability that the people in 53 00:02:44,200 --> 00:02:44,880 Speaker 1: this room, like. 54 00:02:45,120 --> 00:02:48,080 Speaker 2: How much have you seen actual ramifications from the government 55 00:02:48,120 --> 00:02:51,639 Speaker 2: shut down in the form of funding that isn't coming through. 56 00:02:53,720 --> 00:02:57,520 Speaker 1: It's not my first rodeo with these Trump shutdowns. So 57 00:02:57,560 --> 00:02:59,840 Speaker 1: we went through all of our commissioners. We saw what 58 00:03:00,080 --> 00:03:02,280 Speaker 1: at most at risk? Where do you have reserves with 59 00:03:02,520 --> 00:03:05,200 Speaker 1: which is women, infant and children probably only had a 60 00:03:05,240 --> 00:03:07,639 Speaker 1: week it's worth of reserve there. So we'd figured out 61 00:03:07,680 --> 00:03:11,200 Speaker 1: how we backstop that snap, which is you know, food benefits. 62 00:03:11,280 --> 00:03:13,839 Speaker 1: That's the end of this month. So we're watching very 63 00:03:13,880 --> 00:03:16,520 Speaker 1: carefully where the risk is. And I can't make up 64 00:03:16,560 --> 00:03:18,480 Speaker 1: all the shortfall but I'm trying my best to help 65 00:03:18,480 --> 00:03:19,440 Speaker 1: out the most vulnerable. 66 00:03:19,520 --> 00:03:22,080 Speaker 2: Well, how long do you have reserves to cover things? 67 00:03:22,080 --> 00:03:24,359 Speaker 2: In other words, when does the funding run out? Should 68 00:03:24,360 --> 00:03:28,320 Speaker 2: this shutdown continue for a long period of time, end. 69 00:03:28,200 --> 00:03:32,360 Speaker 1: Of this month? You know, snap benefits is probably seventy 70 00:03:32,400 --> 00:03:35,680 Speaker 1: five million dollars a month. I cannot make up that shortfall. 71 00:03:35,760 --> 00:03:38,880 Speaker 1: So if the federal government walks away, that's tough. If 72 00:03:38,880 --> 00:03:41,400 Speaker 1: we had assurance the federal government's going to backstop, if 73 00:03:41,400 --> 00:03:43,440 Speaker 1: we had to help it out for a couple months 74 00:03:43,480 --> 00:03:45,520 Speaker 1: and we'll get paid back, that's something else. We have 75 00:03:45,560 --> 00:03:46,480 Speaker 1: none of that assurance. 76 00:03:46,800 --> 00:03:48,200 Speaker 2: I guess I want to go back to the idea 77 00:03:48,240 --> 00:03:50,800 Speaker 2: of leadership right now because we are beginning the midterm 78 00:03:50,840 --> 00:03:53,920 Speaker 2: election cycle, and I wonder, as a Democrat in your 79 00:03:53,920 --> 00:03:57,040 Speaker 2: second term as governor, how much do you feel allegiance 80 00:03:57,080 --> 00:04:01,120 Speaker 2: to the Democratic Party versus something else MorphOS that's coming 81 00:04:01,400 --> 00:04:03,760 Speaker 2: that doesn't necessarily have a label. 82 00:04:05,600 --> 00:04:08,640 Speaker 1: Well, as governor, you feel strong allegiance to your state. 83 00:04:08,720 --> 00:04:12,400 Speaker 1: I'm a homer for Connecticut. I'm Team Connecticut, and you know, 84 00:04:12,480 --> 00:04:16,760 Speaker 1: Republican or Democrat. I try and get stuff done. Personally speaking, 85 00:04:16,839 --> 00:04:19,200 Speaker 1: is I look at a lot of the civil War 86 00:04:19,240 --> 00:04:21,560 Speaker 1: down to Washington, d C. And I look at La 87 00:04:21,640 --> 00:04:24,400 Speaker 1: and I look at Chicago. You know, I do think 88 00:04:24,440 --> 00:04:27,599 Speaker 1: it's important that the democratic governors stand and stand and 89 00:04:27,640 --> 00:04:30,719 Speaker 1: speak with one voice, that you know, what we need 90 00:04:30,760 --> 00:04:33,240 Speaker 1: from the federal government in terms of a reliable partner. 91 00:04:33,800 --> 00:04:36,280 Speaker 2: How much are you concerned about some of the images 92 00:04:36,279 --> 00:04:38,360 Speaker 2: that we're seeing with the National Guard going into places 93 00:04:38,400 --> 00:04:42,960 Speaker 2: like Chicago and San Francisco and Portland and really raising 94 00:04:42,960 --> 00:04:44,679 Speaker 2: a question about whether it's going to be the States 95 00:04:44,720 --> 00:04:45,760 Speaker 2: versus the federal government. 96 00:04:47,600 --> 00:04:49,600 Speaker 1: Right Dally it will be speaking again. Remember a year 97 00:04:49,680 --> 00:04:51,440 Speaker 1: or two ago he was talking about Civil War. Where 98 00:04:51,440 --> 00:04:53,920 Speaker 1: you go, oh, ray, come on, it's a little bit 99 00:04:54,040 --> 00:04:56,960 Speaker 1: more unnerving if you see those images right now. I 100 00:04:57,000 --> 00:04:59,560 Speaker 1: talk to a General Yvon, the head of the Connecticut Guard. 101 00:05:00,200 --> 00:05:02,760 Speaker 1: Very careful, I said, any inquiries from the federal government, 102 00:05:02,800 --> 00:05:05,600 Speaker 1: I don't know. We just cent our guard to Djibouti, 103 00:05:06,200 --> 00:05:09,880 Speaker 1: not to Chicago. I feel pretty good about that going forward. 104 00:05:10,200 --> 00:05:12,360 Speaker 2: What is your plan to try to keep businesses here 105 00:05:12,480 --> 00:05:15,000 Speaker 2: and attract them to the Northeast given the exodus that 106 00:05:15,040 --> 00:05:18,760 Speaker 2: has gone to Florida to other places have lower taxes. 107 00:05:19,720 --> 00:05:22,680 Speaker 1: We are speeding up our rail system from say Greenwich 108 00:05:22,760 --> 00:05:26,640 Speaker 1: to Grand Central. That'll be ten to fifteen minutes faster. 109 00:05:26,839 --> 00:05:28,760 Speaker 1: Working really hard to make sure you know you can 110 00:05:28,800 --> 00:05:31,760 Speaker 1: get the workforce you need. And again, we haven't raised 111 00:05:31,760 --> 00:05:34,320 Speaker 1: taxes in seven years. We've balanced the budget. I think 112 00:05:34,360 --> 00:05:36,080 Speaker 1: that type of stability is pretty helpful. 113 00:05:36,279 --> 00:05:38,320 Speaker 2: Do you think that taxes need to come down? Do 114 00:05:38,360 --> 00:05:40,599 Speaker 2: you think that that's then instrumental part of trying to 115 00:05:40,640 --> 00:05:43,719 Speaker 2: keep attracting businesses and compete with other states. 116 00:05:45,960 --> 00:05:49,320 Speaker 1: Well, I'm a governor, so I can't over promise. Everybody 117 00:05:49,400 --> 00:05:51,359 Speaker 1: runninggainst me is always saying they're going to eliminate the 118 00:05:51,560 --> 00:05:54,000 Speaker 1: income tax in the state of Connecticut. I think what's 119 00:05:54,080 --> 00:05:56,800 Speaker 1: more important to the folks I talk to is what's 120 00:05:56,839 --> 00:05:58,640 Speaker 1: the stake going to look like one year and five 121 00:05:58,720 --> 00:06:00,480 Speaker 1: years from now? Do I want to be because I'm 122 00:06:00,480 --> 00:06:03,440 Speaker 1: making a five year bet. We haven't raised taxes at all. 123 00:06:03,480 --> 00:06:05,480 Speaker 1: I've cut them for middle class folks. I think that's 124 00:06:05,520 --> 00:06:07,159 Speaker 1: a good balance going forward. 125 00:06:07,240 --> 00:06:09,440 Speaker 2: What is your number one hope for the state? What 126 00:06:09,520 --> 00:06:11,600 Speaker 2: is your number one sort of policy platform that you're 127 00:06:11,720 --> 00:06:15,240 Speaker 2: hoping to get forward over the next one to five years. 128 00:06:16,120 --> 00:06:18,200 Speaker 1: I need housing, you know, for the first time in 129 00:06:18,240 --> 00:06:19,960 Speaker 1: a long time, a lot of young people are moving 130 00:06:19,960 --> 00:06:22,479 Speaker 1: out here. Like the lifestyle. We're pretty good as a 131 00:06:22,520 --> 00:06:26,320 Speaker 1: suburban lifestyle. Rebuilding our cities, you know, these are our cities. 132 00:06:26,320 --> 00:06:29,080 Speaker 1: We're fifty percent bigger fifty years ago. Now they're growing 133 00:06:29,120 --> 00:06:31,640 Speaker 1: again where young people want to be. As I talk 134 00:06:31,720 --> 00:06:33,479 Speaker 1: to the businesses to say, is this a place where 135 00:06:33,520 --> 00:06:36,719 Speaker 1: young people, young employees want to be, I'm trying to say, yes. 136 00:06:36,839 --> 00:06:40,919 Speaker 2: How much are you participating in the reindustrialization of the 137 00:06:41,000 --> 00:06:43,160 Speaker 2: United States and that's been a big platform that we've 138 00:06:43,200 --> 00:06:45,440 Speaker 2: seen overall. Is that something that you're trying to attract 139 00:06:45,480 --> 00:06:46,279 Speaker 2: to the state as well. 140 00:06:47,000 --> 00:06:48,919 Speaker 1: Yeah, I'd like to think of us as a silicon 141 00:06:49,040 --> 00:06:52,240 Speaker 1: valley of manufacturing. We do a lot of complicated stuff 142 00:06:52,279 --> 00:06:56,760 Speaker 1: like submarines, jet engines, and choppers, and they are growing fast. 143 00:06:56,800 --> 00:06:58,599 Speaker 1: That's the sort of the heart of our economy in 144 00:06:58,600 --> 00:07:01,720 Speaker 1: the northern part of the state. But that's changing too. 145 00:07:01,800 --> 00:07:04,800 Speaker 1: It's getting increasingly energy intensive. So I'm going to bring 146 00:07:04,839 --> 00:07:07,400 Speaker 1: down the price of electricity as best I can and 147 00:07:07,440 --> 00:07:09,480 Speaker 1: make sure they have the workforce. It's all sort of 148 00:07:09,520 --> 00:07:11,560 Speaker 1: an AI computerized workforce now.