WEBVTT - Connecticut Governor Talks State Funding

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>I am here with Governor Ned Lamont of the Great

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<v Speaker 2>State of Connecticut in this October Is that what Amrie

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<v Speaker 2>called it in Connecticut in the Delmar Harbor? And Governor,

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<v Speaker 2>thank you so much for being with us. I want

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<v Speaker 2>to start with something that's an increasingly hot topic. We're

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<v Speaker 2>here at a leader of businesses, with the leaders of

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<v Speaker 2>businesses who oversee huge portfolios of money. How is, governor,

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<v Speaker 2>do you keep attracting this type of business to a

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<v Speaker 2>state while providing some of the social services and other

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<v Speaker 2>expenses that caused taxes to go up.

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<v Speaker 1>Well, the folks here at the Greenwich Economic Forum are

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<v Speaker 1>really important to the state and the fintech sector, the

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<v Speaker 1>financial services sector a big piece of our economy. We're

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<v Speaker 1>part of the New York City financial ecosystem. I think

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<v Speaker 1>what they like here is a little bit of certainty, instability.

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<v Speaker 1>They sort of know the state's going to go our

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<v Speaker 1>taxes a little bit less, and it's not a bad lifestyle.

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<v Speaker 2>Are you concerned about what would happen if, say there

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<v Speaker 2>is a change over in the leadership in New York City,

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<v Speaker 2>Let's say mayoral candidate Zoron Mumdanie does win and implement

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<v Speaker 2>some of the policies that he puts out there. Are

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<v Speaker 2>you concerned about the ramifications for a place like Creditch

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<v Speaker 2>truly relies on the ecosystem of the Tri state region

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<v Speaker 2>a little bit.

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<v Speaker 1>New York City is the financial capital of the world,

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<v Speaker 1>and we're a big piece of it. Here as evidence

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<v Speaker 1>that the Economic Forum and I want to make sure

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<v Speaker 1>that the next mayor understands how important New York City

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<v Speaker 1>is to that system and that's important to Connecticut.

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<v Speaker 2>How concerned are you about who the leader is in

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<v Speaker 2>the Democratic Party right now? Do you have a sense

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<v Speaker 2>of where the leadership really is coming from?

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<v Speaker 1>Governors? Okay, I'm a little loaded for bear on that.

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<v Speaker 1>I like governors. Governors have to get stuff done. Devoters

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<v Speaker 1>have to balance a budget, they have to do it

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<v Speaker 1>on time. Governors can't shut down a government. Governors are

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<v Speaker 1>sort of the opposite of what you see going on

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<v Speaker 1>in Washington. I think on both sides aile. But in

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<v Speaker 1>our case, the Democrats have seized real leadership coming from

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<v Speaker 1>the governors. But don't ask me to ask names.

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<v Speaker 2>Well, but I'm wondering, though, how does a governor take

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<v Speaker 2>that leadership when things are shut down in Washington, DC,

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<v Speaker 2>and it seems like there's a real fissure right now

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<v Speaker 2>in the party and tactics in approach in platform.

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<v Speaker 1>I can tell you the governors are incredibly frustrated. Democrats

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<v Speaker 1>are louder about it than Republicans. You know, we balance

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<v Speaker 1>our budget, we do it based upon some assumptions in

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<v Speaker 1>terms of what our relationship is with the federal government.

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<v Speaker 1>If they pull the rug out from under you every week,

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<v Speaker 1>seems to be happening right now, it makes it very

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<v Speaker 1>difficult for that certainty of stability that the people in

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<v Speaker 1>this room, like.

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<v Speaker 2>How much have you seen actual ramifications from the government

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<v Speaker 2>shut down in the form of funding that isn't coming through.

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<v Speaker 1>It's not my first rodeo with these Trump shutdowns. So

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<v Speaker 1>we went through all of our commissioners. We saw what

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<v Speaker 1>at most at risk? Where do you have reserves with

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<v Speaker 1>which is women, infant and children probably only had a

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<v Speaker 1>week it's worth of reserve there. So we'd figured out

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<v Speaker 1>how we backstop that snap, which is you know, food benefits.

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<v Speaker 1>That's the end of this month. So we're watching very

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<v Speaker 1>carefully where the risk is. And I can't make up

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<v Speaker 1>all the shortfall but I'm trying my best to help

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<v Speaker 1>out the most vulnerable.

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<v Speaker 2>Well, how long do you have reserves to cover things?

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<v Speaker 2>In other words, when does the funding run out? Should

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<v Speaker 2>this shutdown continue for a long period of time, end.

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<v Speaker 1>Of this month? You know, snap benefits is probably seventy

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<v Speaker 1>five million dollars a month. I cannot make up that shortfall.

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<v Speaker 1>So if the federal government walks away, that's tough. If

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<v Speaker 1>we had assurance the federal government's going to backstop, if

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<v Speaker 1>we had to help it out for a couple months

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<v Speaker 1>and we'll get paid back, that's something else. We have

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<v Speaker 1>none of that assurance.

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<v Speaker 2>I guess I want to go back to the idea

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<v Speaker 2>of leadership right now because we are beginning the midterm

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<v Speaker 2>election cycle, and I wonder, as a Democrat in your

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<v Speaker 2>second term as governor, how much do you feel allegiance

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<v Speaker 2>to the Democratic Party versus something else MorphOS that's coming

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<v Speaker 2>that doesn't necessarily have a label.

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<v Speaker 1>Well, as governor, you feel strong allegiance to your state.

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<v Speaker 1>I'm a homer for Connecticut. I'm Team Connecticut, and you know,

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<v Speaker 1>Republican or Democrat. I try and get stuff done. Personally speaking,

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<v Speaker 1>is I look at a lot of the civil War

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<v Speaker 1>down to Washington, d C. And I look at La

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<v Speaker 1>and I look at Chicago. You know, I do think

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<v Speaker 1>it's important that the democratic governors stand and stand and

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<v Speaker 1>speak with one voice, that you know, what we need

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<v Speaker 1>from the federal government in terms of a reliable partner.

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<v Speaker 2>How much are you concerned about some of the images

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<v Speaker 2>that we're seeing with the National Guard going into places

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<v Speaker 2>like Chicago and San Francisco and Portland and really raising

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<v Speaker 2>a question about whether it's going to be the States

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<v Speaker 2>versus the federal government.

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<v Speaker 1>Right Dally it will be speaking again. Remember a year

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<v Speaker 1>or two ago he was talking about Civil War. Where

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<v Speaker 1>you go, oh, ray, come on, it's a little bit

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<v Speaker 1>more unnerving if you see those images right now. I

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<v Speaker 1>talk to a General Yvon, the head of the Connecticut Guard.

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<v Speaker 1>Very careful, I said, any inquiries from the federal government,

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<v Speaker 1>I don't know. We just cent our guard to Djibouti,

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<v Speaker 1>not to Chicago. I feel pretty good about that going forward.

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<v Speaker 2>What is your plan to try to keep businesses here

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<v Speaker 2>and attract them to the Northeast given the exodus that

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<v Speaker 2>has gone to Florida to other places have lower taxes.

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<v Speaker 1>We are speeding up our rail system from say Greenwich

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<v Speaker 1>to Grand Central. That'll be ten to fifteen minutes faster.

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<v Speaker 1>Working really hard to make sure you know you can

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<v Speaker 1>get the workforce you need. And again, we haven't raised

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<v Speaker 1>taxes in seven years. We've balanced the budget. I think

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<v Speaker 1>that type of stability is pretty helpful.

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<v Speaker 2>Do you think that taxes need to come down? Do

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<v Speaker 2>you think that that's then instrumental part of trying to

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<v Speaker 2>keep attracting businesses and compete with other states.

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<v Speaker 1>Well, I'm a governor, so I can't over promise. Everybody

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<v Speaker 1>runninggainst me is always saying they're going to eliminate the

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<v Speaker 1>income tax in the state of Connecticut. I think what's

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<v Speaker 1>more important to the folks I talk to is what's

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<v Speaker 1>the stake going to look like one year and five

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<v Speaker 1>years from now? Do I want to be because I'm

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<v Speaker 1>making a five year bet. We haven't raised taxes at all.

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<v Speaker 1>I've cut them for middle class folks. I think that's

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<v Speaker 1>a good balance going forward.

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<v Speaker 2>What is your number one hope for the state? What

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<v Speaker 2>is your number one sort of policy platform that you're

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<v Speaker 2>hoping to get forward over the next one to five years.

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<v Speaker 1>I need housing, you know, for the first time in

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<v Speaker 1>a long time, a lot of young people are moving

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<v Speaker 1>out here. Like the lifestyle. We're pretty good as a

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<v Speaker 1>suburban lifestyle. Rebuilding our cities, you know, these are our cities.

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<v Speaker 1>We're fifty percent bigger fifty years ago. Now they're growing

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<v Speaker 1>again where young people want to be. As I talk

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<v Speaker 1>to the businesses to say, is this a place where

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<v Speaker 1>young people, young employees want to be, I'm trying to say, yes.

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<v Speaker 2>How much are you participating in the reindustrialization of the

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<v Speaker 2>United States and that's been a big platform that we've

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<v Speaker 2>seen overall. Is that something that you're trying to attract

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<v Speaker 2>to the state as well.

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<v Speaker 1>Yeah, I'd like to think of us as a silicon

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<v Speaker 1>valley of manufacturing. We do a lot of complicated stuff

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<v Speaker 1>like submarines, jet engines, and choppers, and they are growing fast.

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<v Speaker 1>That's the sort of the heart of our economy in

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<v Speaker 1>the northern part of the state. But that's changing too.

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<v Speaker 1>It's getting increasingly energy intensive. So I'm going to bring

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<v Speaker 1>down the price of electricity as best I can and

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<v Speaker 1>make sure they have the workforce. It's all sort of

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<v Speaker 1>an AI computerized workforce now.