New Jersey Business Beat with Raven Santana
Economy is top issue for midterm elections
10/29/2022 | 26m 46sVideo has Closed Captions
Rhonda Schaffler breaks down how the business industry intertwines with the election.
Rhonda Schaffler sits down with candidates from both parties as well as economic and political experts to break down how the business industry intertwines with the midterm elections and what a swing in power could mean for NJ's economy, Plus, Rhonda breaks down the major headlines of the week, including the 10 year anniversary of Superstorm Sandy.
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New Jersey Business Beat with Raven Santana is a local public television program presented by NJ PBS
New Jersey Business Beat with Raven Santana
Economy is top issue for midterm elections
10/29/2022 | 26m 46sVideo has Closed Captions
Rhonda Schaffler sits down with candidates from both parties as well as economic and political experts to break down how the business industry intertwines with the midterm elections and what a swing in power could mean for NJ's economy, Plus, Rhonda breaks down the major headlines of the week, including the 10 year anniversary of Superstorm Sandy.
Problems playing video? | Closed Captioning Feedback
How to Watch New Jersey Business Beat with Raven Santana
New Jersey Business Beat with Raven Santana is available to stream on pbs.org and the free PBS App, available on iPhone, Apple TV, Android TV, Android smartphones, Amazon Fire TV, Amazon Fire Tablet, Roku, Samsung Smart TV, and Vizio.
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Learn Moreabout PBS online sponsorship>>> THIS IS WEEK ON "NJ BUSINESS BEAT," TEN YEARS OF REBUILDING AND RECOVERING.
HOW NEW JERSEY TOWNS HAVE REBOUNDED OVER THE DECADE SINCE SUPERSTORM SANDY.
>>> PLUS SOME MAJOR MILESTONE FOR NEW JERSEY CLEAN ENERGY PUSH, AS THE BPU TAKES STEPS TO GET THE POWER GRID READY.
>>> AND WE LOOK AT HOW THE BUSINESS INDUSTRY INTERTWINES WITH THE UPCOMING MIDTERM ELECTIONS AND WHAT A SWING IN POWER COULD MEAN FOR NEW JERSEY'S ECONOMY.
THAT'S AHEAD ON "NJ BUSINESS BEAT."
THIS IS "NJ BUSINESS BEAT" WITH RHONDA.
>> HELLO, THANKS FOR JOINING US ON "NJ BUSINESS BEAT."
THIS WEEKEND MARKS THE 10-DAY ANNIVERSARY OF THE DAY SUPERSTORM SANDY ROARED ONTO THE JERSEY SHORE, TAKING LIVES, DESTROYING HOMES AND BUSINESSES, AND CAUSES BILLIONS IN DAMAGES.
SANDY WAS ONE OF THE COSTLIEST STORMS IN U.S. HISTORY.
$37 BILLION IN DAMAGE IN NEW JERSEY ALONE.
BUSINESS LOSSES TOTALLED $8.3 BILLION ACCORDING TO NOAA, WHICH SAYS 19,000 NEW JERSEY BUSINESSES SUSTAINED AT LEAST $250,000 OR MORE IN LOSSES.
IT WAS A DEVASTATING STORM.
AFTERWARDS, ALONG THE SHORE, SIGNS POPPED UP THAT SAID "JERSEY STRONG" AND UP AND DOWN THE COAST, THE REBUILDING BEGAN.
ONE OF THE HARDEST-HIT COMMUNITIES WAS SEASIDE HEIGHTS.
YOU MIGHT REMEMBER, SANDY WAS SO POWERFUL IT SWEPT THE SEASIDE HEIGHTS ROLLER COASTER INTO THE OCEAN.
THE PIER, THE BOARDWALK, AND OTHER STRUCTURES WERE REBUILT.
BUT A DECADE LATER, SEASIDE HEIGHTS IS STILL RECOVERING.
I SAT DOWN WITH MAJOR ANTHONY BOSS.
>> MAYOR, THANKS FOR JOINING ME.
YOU ARE IN THE PROCESS OF REDEVELOPING SEASIDE HEIGHTS.
CAN YOU REFLECT BACK ON THE ECONOMIC IMPACT FROM THE STORM AND TELL ME ABOUT CHANGES YOU'RE MAKING THAT WILL IMPACT THE ECONOMY IN THE NEXT TEN YEARS?
>> IT GAVE US AN OPPORTUNITY AS A GOVERNING BODY TO REFLECT ON WHO WE WERE AT THE TIME AND WHERE WE WANT ED TO GO FROM THERE.
SO, THE STRATEGIC PLAN WAS WRITTEN IN A FIVE-YEAR FORMAT.
HOW DO WE CHANGE OUR IMAGE?
WE WOULD BE THE FIRST ONES TO SAY, SEASIDE'S IMAGE AS A DESTINATION RESORT, WAS NOT PARTICULARLY FAVORED TO A FAMILY TREE.
WE WANTED A FAMILY TREE, SO THERE WAS A LOT OF INFRASTRUCTURE DEVELOPMENT, ROADS, BUILDINGS, SO FORTH, PROPERTY OWNERS AND SO FORTH.
AND THEN A BLOSSOM OF GOOD FORTUNE, ECONOMICS TOOK PLACE.
AND PEOPLE WERE STARTING TO LOOK AT SEASIDE HEIGHTS AS, LIKE, A LAST FRONTIER OF THE BEACH COMMUNITIES IN NEW JERSEY.
AND NOW THE DEVELOPERS CAME IN.
THAT STARTED A WAVE OF INFLUX OF MONEYS.
WE, IN TURN, CHANGED OUR PHILOSOPHY AND SAID, THIS IS WHAT WE HAVE TO DO.
WE HAVE TO HAVE OUR OWN MONEY THROUGH TAXPAYERS TO DEVELOP PROGRAMS TO BRING DOWN THE TOURIST TRADE, TO ENABLE US TO HAVE A YEAR-AROUND COMMUNITY, WHICH WE DIDN'T HAVE BEFORE.
WE KIND OF LOST THAT YEAR-AROUND FLAVOR.
AND IT'S WORKING.
IT WORKED TO OUR ADVANTAGE THE LAST TEN YEARS.
>> MAYOR, CAN I ASK, HAS YOUR TAX BASE FULLY RECOVERED OVER THE LAST TEN YEARS?
>> NO, IT HASN'T.
WE SEE WITH BUILDINGS BEING DEMOLISHED AND SOME OF THOSE BUILDINGS SHOULD HAVE BEEN DEMOLISHED MANY, MANY YEARS AGO, WE'RE USING A TAX BASE BASICALLY ON THE LAND VALUE UNTIL THE FULL STRUCTURE IS UP.
WE'RE ALSO UNDER TRANSITIONAL AID WITH THE STATE OF NEW JERSEY.
AND THAT HELPS US WITH FUNDING OUR NEW VENTURES.
SO, NO, OUR RATE IS NOT WHERE IT SHOULD BE.
WE'RE ANTICIPATING WITHIN THE NEXT THREE YEARS WE'LL HAVE ABOUT 80% OF OUR REVENUE SPENT.
>> IT'S A GREAT REMINDER OF JUST HOW DEVASTATING THIS STORM IS THAT TEN YEARS LATER IT'S A WORK IN PROGRESS.
I'M CURIOUS ABOUT THE PEOPLE WHO LIKE THE OLD SEASIDE HEIGHTS.
ARE THEY PRICED OUT OF THE NEW DEVELOPMENT GOING ON?
>> WELL, IN SOME SITUATIONS, THEY ARE.
AND IN SOME SITUATIONS, THEY'RE NOT.
LET ME GIVE YOU AN EXAMPLE.
A PERSON THAT OWNED A TWO-FAMILY HOME, A DEVELOPER COMES IN, PAYS THEM QUITE A BIT OF MONEY BECAUSE THE ECONOMY IS THE WAY IT IS.
THEY KNOCK THE BUILDING DOWN.
THEY PUT HIGH-END -- HIGH-END -- RESIDENTS, EITHER CONDOMINIUMS, T TOWNHOUSES, AND SO FORTH.
THEY'RE IN A PRICE RANGE WHERE IT'S NOT AFFORDABLE TO THE MIDDLE INCOME FAMILY.
BUT THERE ARE OTHER PLACES THAT ARE BUILDING LESS EXPENSIVE, AND THEY'RE ALSO RENTING.
>> DO YOU WORRY, GIVEN ALL THE INVESTMENT AND THE MONEY AND THE EFFORTS TO MAKE A NEW SEASIDE HEIGHTS EMERGE THAT YOU WILL FOREVER BATTLE AGAINST STORMS OR CLIMATE CHANGE OR OTHER FACTORS LIKE THAT OUT OF YOUR CONTROL?
>> WE ARE NOW NOT 100%.
WE'LL NEVER BE 100%.
BUT WITH THE DUNES AND REPLENISHMENT AND A PLAN THAT'S IN EFFECT OF WHAT WE DO, IF AND WHEN SOME DISASTER LIKE THIS HAPPENS, WE'RE 100% BETTER TODAY THAN WE WERE TEN YEARS AGO.
AND OF COURSE I WORRY.
EVERY TIME WE HEAR OF A STORM, I WORRY.
>> THE CONCEPT OF CLEAN ENERGY IS SIMPLE, BUT GETTING THERE, AS WELL, A COMPLEX PROCESS.
IN NEW JERSEY THIS WEEK, THE STATE TOOK WHAT WAS DESCRIBED AS A MONUMENTAL STEP IN ITS QUEST FOR OFFSHORE WIND.
THAT'S WHAT THE STATE BOARD OF PUBLIC UTILITIES IS SAYING ABOUT ITS DECISION TO APPROVE A PROJECT PROPOSED BY JERSEY CENTRAL POWER AND LIGHT AND MID-ATLANTIC OFFSHORE DEVELOPMENT.
THEY WILL BUILD A NEW SUBSTATION, WHICH WILL SERVE AS AN INTERSECTION POINT FOR PLANNED OFFSHORE WIND FARMS.
THE STATE ALSO APPROVED UPGRADES TO THE EXISTING POWER GRID, WHICH IT SAYS WILL SAVE RATE PAYERS $900 MILLION.
BUT THE BPU DID NOT GIVE THE OKAY FOR ANY BIG TRANSMISSION PROJECT DESIGNED TO BRING ELECTRICITY FROM OFFSHORE WIND FARMS TO LAND, OPTING INSTEAD TO WAIT FOR FINANCIAL INCENTIVES FROM THE FEDERAL GOVERNMENT BEFORE MOVING FORWARD ON THAT.
DOUG O'MALLEY, STATE DIRECTOR OF ENVIRONMENT NEW JERSEY, PUTS IT INTO CONTEXT.
>> THE ON-LAND TRANSMISSION, THAT'S WHERE THE FOCUS IS GOING TO BE.
THEY'VE ALSO INDICATED THEY WILL COME BACK.
AND THERE ARE MANY APPLICANTS THAT WILL WELCOME COMING BACK TO DISCUSSING THE OFFSHORE TRANSMISSION, HOW WE CAN CONSOLIDATE THAT IN THE MOST COST EFFICIENT AND ENVIRONMENTALLY FRIENDLY WAY POSSIBLE.
THE OFFSHORE WIND THAT'S GOING TO BE COMING ON SHORE FROM THESE PROJECTS IS NOT ONLY GOING TO MAKE EMISSIONS BE REDUCED IN NEW JERSEY, IT'S ALSO GOING TO INCREASE THE ELECTRIC GRID.
SO, ALL THE WAY OUT TO ILLINOIS AND DOWN TO NORTH CAROLINA.
>> THE STATE IS WORKING TO EXPAND THE GROWING MARIJUANA INDUSTRY.
THE CANNABIS REGULATORY COMMISSION THIS PAST WEEK HELD ITS FIRST IN-PERSON MEETING FOR THOSE INTERESTED IN THE INDUSTRY AND AWARDED 18 ANNUAL LICENSES AND NEARLY 300 CONDITIONAL LICENSES TO THOSE LOOKING TO GET INTO THE MARIJUANA BIZ.
SOCIAL EQUITY APPLICANTS WERE GIVEN A PRIORITY.
MEANTIME, THE CRC IS WORKING WITH THE STATE TREASURY DEPARTMENT TO FUND A CANNABIS TRAINING ACADEMY, THAT WILL OFFER FREE EDUCATIONAL COURSES AND TECHNICAL ASSISTANCE TO THOSE LOOKING TO START THEIR CANNABIS CAREERS.
THE GOAL IS TO GET THE ACADEMY OFF THE GROUND NEXT YEAR TO HELP PEOPLE LIKE ALFONSO, WHO OWNS A CANNABIS STORE IN CALIFORNIA.
>> EDUCATION AND -- ARE THE TWO MOST IMPORTANT THINGS WE NEED IN THIS SPACE.
A LOT OF US DON'T OWN BUSINESS LICENSES.
YOU GAVE US A LICENSE TO OPEN THAT BUSINESS.
WE DON'T KNOW ABOUT THOSE THINGS.
SO, EDUCATE THEM ON THAT TYPE OF STUFF IS HOW THIS PROGRAM CAN LAST AND BE A MODEL FOR THE OTHER PEOPLE ON THIS COAST.
>> EVERY PARENT KNOWS HOW DIFFICULT IT CAN BE TO SEARCH FOR CHILD CARE, EVEN IN THE BEST OF TIMES.
DURING THE PANDEMIC, THE SEARCH FOR HIGH-QUALITY CHILD CARE BECAME MUCH, MUCH HARDER.
NEW JERSEY HAS DEDICATED $100 MILLION IN AMERICAN RESCUE FUNDS TO SUPPORT THE CHILD CARE INDUSTRY.
THE MONEY WILL BE USED TO PROVIDE GRANTS TO LICENSED CENTERS, ENABLING THEM TO MAKE IMPROVEMENTS TO THEIR FACILITIES.
THE STATE WILL BEGIN ACCEPTING GRANT APPLICATIONS IN MID-NOVEMBER.
TO GET THE WORD OUT, FIRST LADY TAMMY MURPHY JOINED OFFICIALS AT THE ABC DAYCARE ACADEMY IN BLOOMFIELD THIS PAST WEEK.
ACADEMY OWNER ANNA HAREZA SAYS THE GRANTS WILL MAKE A DIFFERENCE.
>> HAVING THE MONEY AHEAD OF TIME AND TAKING CARE OF THESE THINGS AHEAD OF TIME, NOT WAITING FOR THE EMERGENCY TO HAPPEN, SERVES EVERYBODY, CHILDREN, PARENTS, AND US.
>> IT WASN'T BABYSITTING.
IT WAS ACTUALLY A VARIABLE IN THE SUCCESS OF WHO WE ARE IN THIS COUNTRY.
NO HUMAN BEING SHOULD HAVE TO MAKE THE DECISION AS TO WHETHER THEY RETURN TO WORK OR FIND A SAFE SPACE TO TAKE CARE OF THEIR CHILD.
THAT IS NOT A QUESTION THAT ANYBODY IN THIS FIRST POWER COUNTRY SHOULD BE SLATED WITH.
>>> THE CASH IS FLOWING DURING THIS ELECTION SEASON.
THIS WEEK ON "NJ BUSINESS BEAT," WE'RE LOOKING AT MONEY MATTERS IN POLITICS AND TALKING WITH CONGRESSIONAL CANDIDATES IN NEW JERSEY THIRD CONGRESSIONAL DISTRICT ABOUT WHAT THEY WOULD DO FOR BUSINESSES AND HOW THEY WOULD TAME RISES COSTS IF ELECTED.
INFLATION IS THE TOP ISSUE AMONG VOTERS IN A NATIONAL POLL CONDUCTED BY MAMMOTH UNIVERSITY.
47% OF THOSE SURVEYED SAID INFLATION IS THE MOST IMPORTANT TO THEM.
FOLLOWED BY 38% SAID VOTING IN ELECTION.
37% SAY CRIME.
34% SAY IMMIGRATION.
AND 32% ARE CONCERNED ABOUT JOBS.
THE POLL ALSO FOUND THAT A MAJORITY OF THOSE VOTERS WISH PRESIDENT BIDEN WOULD GIVE MORE ATTENTION TO THOSE PRIORITIES.
JUST 31% SAY HE'S GIVING ENOUGH ATTENTION.
THIS HAS BEEN A MAJOR TALKING POINT OF REPUBLICAN CANDIDATES AND COULD BE A POTENTIAL PROBLEM FOR DEMOCRATS HEADING INTO ELECTION DAY.
IN NEW JERSEY'S THIRD LEGISLATIVE DISTRICT, INCUMBENT DEMOCRATIC CONGRESSMAN ANDY KIM IS BEING CHALLENGED BY BUSINESSMAN BOB HEALEY.
CONGRESSMAN KIM HAS REPRESENTED THE DISTRICT SINCE 2019 AND HAS HIGHLIGHTED SINCE RECORD OF HELPING BUSINESSES AND WORKERS BY SUPPORTING PANDEMIC RELIEF PROGRAMS AND OFFERING LEGISLATION TO INCREASE ACCESS TO CREDIT.
HE ALSO TOLD ME ABOUT HIS EFFORTS TO LOWER HEALTH CARE COSTS.
>> CONGRESSMAN, THANKS FOR JOINING ME ON "NJ BUSINESS BEAT."
>> THANKS FOR HAVING ME HERE TODAY.
>> YOU'VE TOUTED YOUR RECORD ON AFFORDABILITY ISSUES, NAMELY LOWERING PRESCRIPTION DRUG COSTS AND FIGHTING CORPORATE PRICE GOUGING.
AS YOU WELL KNOW, MOST FAMILIES ARE STILL FEELING THE PINCH OF INFLATION AND A LACK OF REAL WAGE GROWTH.
HOW DO YOU CONVINCE THEM THAT YOU AND YOUR PARTY HAVE THE ANSWER FOR RISING COSTS?
>> MAKING SURE WE CAN NEGOTIATE MEDICARE PRICES IS KEY.
MAKING SURE WE HAVE A CAP ON OUT OF POCKET SPENDING, WHICH IS A BILL I WROTE WHICH IS NOW GOING TO BE LAW.
IT'S GOING TO HOPEFULLY SAVE A LOT OF PEOPLE.
IF THESE PIECES OF LEGISLATION WEREN'T ALREADY IN EFFECT ALREADY, SENIORS IN MY DISTRICT WOULD HAVE SAVED $36 MILLION LAST YEAR WHEN IT COMES TO THEIR PRESCRIPTION DRUGS.
THAT'S A BIG STEP FORWARD.
WE KNOW THERE ARE OTHER CHALLENGES THAT ARE OUT THERE.
WE'RE TRYING TO EXPAND THESE HEALTH CARE SAVINGS TO ALL AMERICANS.
WE'RE ALSO TACKLING AND TRYING TO PRESS FOR ADDITIONAL EFFORTS ON ADDRESSING THAT CORPORATE PRICE GOUGING THAT YOU MENTIONED AND OTHER CHALLENGES THAT WE KNOW ARE RELATED TO THIS.
WHILE WE'RE ALSO MAKING SURE WE'RE TAKING STEPS TO REALIGN OUR SUPPLY CHAIN TO MAKE OUR ECONOMY MORE RESILIENT.
IT'S WHY I SUPPORTED FOR AND VOTED FOR THE BIPARTISAN CHIPS AND SCIENCE ACT.
THESE ARE INVESTMENTS INTO OUR ECONOMY THAT HOPEFULLY WILL HELP US NAVIGATE THROUGH THIS TIME.
>> YOUR OPPONENT RECENTLY JOINED SOME OTHER REPUBLICAN CONGRESSIONAL CANDIDATES IN TRENTON TO TALK ABOUT INFLATION.
THEY CRITICIZED DEMOCRATS FOR FAILING TO GET THE CAP ON STATE AND LOCAL TAX DEDUCTIONS REPEALED.
IT WAS ONE OF THE ITEMS THAT CAME UP DURING THEIR NEWS CONFERENCE.
IF REPEALING THE SALT CAP IS A DEAD ISSUE -- I'M NOT SURE IF IT IS OR NOT -- WHAT ELSE CAN BE DONE ON A FEDERAL LEVEL TO LOWER TAXES IN NEW JERSEY?
>> DO OUR BEST TO BE ABLE TO LIFT OFF AND GET RID OF THAT CAP THAT THE REPUBLICANS PUT IN THE FIRST PLACE WHEN IT COMES TO SALT.
BUT, LOOK, IN ADDITION TO THAT, YOU KNOW, NEW JERSEY ONLY GETS BACK ABOUT 81, 82 CENTS FOR EVERY DOLLAR WE PUT INTO THE FEDERAL GOVERNMENT.
A LOT OF THE WORK I'M TRYING TO DO IS BRING THAT INVESTMENT BACK.
THAT'S EXACTLY WHY I VOTED FOR THE INFRASTRUCTURE LAW, WHICH, AGAIN, MY OPPONENT OPPOSES.
AND THIS IS THE LARGEST INVESTMENT OF FEDERAL DOLLARS BACK INTO THE STATE OF NEW JERSEY.
IT'S GOING TO HELP EVERY LEAD PIPE IN THE STATE, HELP US REBUILD OUR ROADS, BRIDGES, TUNNELS.
>> WHAT ARE YOU HEARING IN TERMS OF THE STATE OF BUSINESS COMMUNITY IN YOUR DISTRICT?
HOW WOULD YOU DESCRIBE IT?
AND WHAT CAN BE DONE TO HELP BUSINESSES WEATHER A RECESSION, SHOULD WE SEE THAT?
>> WE'VE DONE A LOT TO HELP SMALL BUSINESSES GET THROUGH THE PANDEMIC, BOTH WITH THE PANDEMIC AS WELL AS WITH THE RECOVERY PAYCHECK PROTECTION PROGRAM, WE'RE TRYING TO EXTEND GOING FORWARD TO FIGURE OUT WHICH BUSINESSES STILL NEED SOME HELP AND HOW DO WE TRY TO MAKE SURE WE HAVE EXISTING RESOURCES THAT COULD HELP OR FIGURE OUT WHAT ELSE IS NEEDED.
ON OF THE OTHAT, WE'VE DONE A LOT WHEN IT COMES TO WORK FORCE DEVELOPMENT.
THAT'S IN PARTICULAR SOMETHING I FOCUSED IN ON, TRYING TO BUILD A PIPELINE FOR WORK FORCE IN PARTICULAR WHEN IT COMES TO S.T.E.M.
AND S.T.E.A.M.
EDUCATION.
WORK I DID ON THE SMALL BUSINESS COMMITTEE TRIES TO GIVE MORE OPPORTUNITIES AND A BIGGER SLICE OF THE PIE FOR SMALL BUSINESSES WHEN IT COMES TO BEING ABLE TO GET CONTRACTING WORK, WHETHER IT'S AT A JOINT BASE OR ELSEWHERE.
THOSE ARE THE KINDS OF THINGS ABOUT LEVELING THE PLAYING FIELD AND MAKING IT FAIR.
>> CONGRESSMAN, I WANT TO THANK YOU SO MUCH FOR THE TIME YOU'VE GIVEN ME.
I APPRECIATE IT.
IT WAS GREAT TO TALK TO YOU.
>>> BOB HEALEY IS A BUSINESS MAN WHO IS CHAIRMAN OF THE VIKING GROUP, WHICH MANUFACTURES YACHTS IN SOUTH JERSEY.
HE BELIEVES WE NEED A CONSTITUTIONAL AMENDMENT THAT REQUIRES A BALANCED BUDGET AND A NEW LAW THAT WOULD PREVENT ANY INCREASE IN TAXES WITHOUT A SUPERMAJORITY VOTE IN CONGRESS.
HE ALSO SUPPORTS MORE OIL ON GAS DEVELOPMENT AND OPPOSES GOVERNMENT SUBSIDIES FOR OFFSHORE WIND PROJECTS.
I ASKED HIM WHAT A BUSINESS MAN LIKE HIMSELF WOULD BRING TO WASHINGTON.
THANKS SO MUCH FOR JOINING ME TODAY ON "NJ BUSINESS BEAT."
>> I'M HAPPY TO BE HERE, RHONDA.
THANK YOU FOR TAKING THE TIME TO TALK WITH ME.
>> BOB, YOU ARE A BUSINESSMAN.
WHAT WOULD A BUSINESS PERSPECTIVE, DO YOU THINK, BRING TO CONGRESS AT THIS POINT?
>> I THINK ONE OF THE THINGS MANY BUSINESSES HAVE TO DO -- I KNOW MY BUSINESS HAS TO DO -- IS WE HAVE TO BUDGET.
WE HAVE TO WATCH WHAT WE SPEND.
WE HAVE TO BALANCE THE BUDGET.
I THINK CONGRESS COULD DO A LITTLE MORE DOING ONE OF ITS PRIMARY FUNCTIONS WHICH IS THE VERY LEAST PASSING A BUDGET IN REGULAR ORDER.
WHETHER IT'S WEEKLY, QUARTERLY, MONTHLY, CERTAINLY AT LEAST YEARLY, MOST BUSINESS OWNERS, SMALL BUSINESS OWNERS AND LARGE BUSINESS OWNERS, HAVE TO DO THIS.
AND CONGRESS HAS TO GO THROUGH CONTINUING RESOLUTION AFTER CONTINUING RESOLUTION.
BRINGS A LOT OF PARTISANSHIP AND A LOT OF BRINKSMANSHIP TO THESE NEGOTIATIONS.
>> BUSINESS OWNERS AS WELL AS NEW JERSEY RESIDENTS WE KNOW HAVE BEEN FACED WITH RISING COSTS, INFLATION, THE ECONOMY CONTINUE TO DOMINATE POLLS.
WHAT CAN YOU REALLY DO, THOUGH, TO COUNTER RISING PRICES?
IT'S A COMPLICATED ISSUE.
>> GETTING CONTROL OF OUR ENERGY POLICY, GETTING BACK TO DOMESTIC PRODUCTION, THE SECOND THING WE CAN DO IS SPENDING OUR TAXPAYER DOLLARS MORE WISELY.
IN THIS CURRENT ADMINISTRATION, WE HAVE SPENT $2 BILLION ON MUNICIPALITIES THAT DO NOT EXIST ANYWHERE.
WE'VE WRITTEN CHECKS TO INMATES IN PRISON FOR $3,500.
I'M NOT SAYING THAT SOME OF THE SPENDING THAT'S BEEN DONE OVER THE LAST COUPLE OF YEARS HASN'T BEEN NEEDED, BUT WE -- IN A BUSINESS, YOU DON'T -- THAT'S ONE OF THE FIRST PLACES YOU LOOK IS WHAT IS THE WAISTFUL SPENDING I CAN CUT IN MY BUSINESS?
WHAT ARE -- AND THEN THE THIRD THING IS, AS I MENTIONED BEFORE, BUDGETING.
WHETHER THAT'S A BALANCE BUDGET OR JUST A BUDGET IN REGULAR ORDER, WE'VE GOT TO START HAVING THESE CONVERSATIONS EARLIER AND REACHING ACROSS THE AISLE TO HAVE THESE CONVERSATIONS.
>> AND JUST CIRCLING BACK ON ENERGY IN THE U.S., HOW WOULD YOU SUPPORT THE INDUSTRY?
I'M ASSUMING YOU DON'T NEED SUBSIDIES BECAUSE I KNOW FOR CLEAN ENERGY, THAT IS NOT SOMETHING YOU SUPPORT.
>> THE CURRENT ADMINISTRATION HAS SCAPEGOATED THE DOMESTIC ENERGY INDUSTRY.
AND, LOOK, IF I WERE RUNNING A BUSINESS, IF THE CURRENT ADMINISTRATION SAID, YOU KNOW, MANUFACTURING, I THINK YOU'RE A BAD BUSINESS.
I WANT TO DO EVERYTHING I CAN TO KNEECAP YOU AND MAKE IT HARDER FOR YOU TO DO BUSINESS, I WOULD HAVE TO THINK TWICE BEFORE REINVESTING IN MY BUSINESS.
AND THAT'S WHAT THE CURRENT ADMINISTRATION IS DOING TO DOMESTIC ENERGY PRODUCTION HERE.
>> WE RECENTLY SAW THE NEWS CONFERENCE IN TRENTON WITH SEVERAL REPUBLICAN CONGRESSIONAL CANDIDATES TALKING ABOUT THAT SALT CAP.
THAT IS SOMETHING THAT YOU HAVE BROUGHT UP AS AN ISSUE.
IT'S NOT POPULAR REPEALING THAT AMONG PEOPLE IN THE REPUBLICAN PARTY AS WELL AS SOME DEMOCRATS.
HOW DOU YOU GET THAT DONE?
>> CONGRESSMAN KIM HAS BEEN VERY SILENT WHEN HE HAD A CHANCE TO BE A LEADER WITH THIS.
HE DID NOTHING.
I WOULD BE DIFFERENT.
I WOULD LOVE TO REACH ACROSS THE AISLE.
DEMOCRAT, REPUBLICAN, IT DOESN'T MATTER, AND FIND ENOUGH PEOPLE THAT WE COULD GET A BLOC WHERE THE NEXT TIME THIS COMES UP, WE COULD SIT DOWN AND SAY, LOOK, ALL OF US FROM THESE STATES, THIS AFFECTS OUR CONSTITUENTS.
AND THIS DISCUSSION HAS TO BE HAD WHEN WE START TALKING ABOUT SPENDING.
>> BOB HEALEY, IT'S BEEN A PLEASURE SPEAKING WITH YOU TODAY.
THANK YOU FOR YOUR TIME.
>> THANK YOU, RHONDA, FOR HAVING ME.
>>> DURING THE EARLY '90s, A DEMOCRATIC STRATEGIST JAMES CARVILLE USED THE PHRASE "IT'S THE ECONOMY STUPID" DURING THE ELECTION BETWEEN BILL CLINTON AND GEORGE H.W.
BUSH.
THE MESSAGE WAS THIS, THE ECONOMY MATTERS ABOVE ALL ELSE.
AND THAT SEEMS TO BE THE CASE THIS YEAR.
HOW MUCH CONTROL DOES THE PRESIDENT AND CONGRESS HAVE OVER THE DIRECTION OF THE ECONOMY?
I TALKED WITH AN DA NIEL BOWEN, ASSOCIATE PROFESSOR OF POLITICAL SCIENCE.
>> BASED ON SEVERAL POLLS NOT JUST IN UNANIMOUSLY NJ BUT NATIONWIDE, THE ECONOMY IS A BIG FACTOR IN THE ELECTION.
DOES THE PARTY IN POWER USUALLY GET THE BLAME FOR A WEAK ECONOMY AND/OR THE CREDIT FOR A GOOD ONE?
>> YES, IT DOES.
ONE OF THE LONG-STANDING RELATIONSHIPS IN AMERICAN POLITICS IS THAT SOME SEGMENT OF VOTERS VOTE BASED ON THE STRENGTH OF THE ECONOMY.
AND THEY REWARD THE PRESIDENT'S PARTY IN PARTICULAR WHEN TIMES ARE GOOD AND THEY PUNISH THE PRESIDENT'S PARTY WHEN TIMES ARE BAD.
>> SO, I GUESS MY QUESTION IS SHOULD IT BE THAT WAY?
THERE ARE ECONOMIC CYCLES, PERIODS OF GROWTH AND WEAKNESS.
HOW MUCH CONTROL DOES CONGRESS AND THE PRESIDENT ACTUALLY HAVE OVER THE ECONOMY?
>> THE PRESIDENT AND CONGRESS CAN DO THINGS AT THE MARGIN THAT INFLUENCE THE ECONOMY.
BUT SO MUCH IS OUTSIDE OF OUR CONTROL AS POLITICAL LEADERS.
I WOULD JUST SAY THAT, NO, IT SHOULDN'T BE THAT WAY.
ON THE OTHER HAND, IT'S HARD TO IMAGINE A SYSTEM THAT WOULD BE BETTER THAT WOULDN'T HOLD ACCOUNTABLE FOR HOW WELL THINGS ARE GOING IN LIFE.
>> INFLATION OF COURSE IS AN INTERESTING ONE THIS YEAR GIVEN WHAT WE'RE SEEING.
WE KNOW IT TAKES MONTHS FOR MONETARY POLICY TO ACTUALLY FILTER ITS WAY INTO THE ECONOMY.
IF THE FEDERAL RESERVE RAISES INTEREST RATES TODAY, WE WON'T ALWAYS SEE THE IMPACT TOMORROW.
IS IT THE SAME FOR THE POLICIES ENACTED BY CONGRESS?
>> ALL OF THE POLICIES, FRANKLY, THAT WE ARE EXPERIENCING TODAY ARE THE RESULT OF FACTORS THAT HAVE BEEN SET IN MOTION YEARS AGO.
THINGS LIKE THE HOUSING CRISIS, FOR EXAMPLE, ARE PARTLY RESPONSIBLE FOR ECONOMIC FACTORS AND PARTLY RESPONSIBLE FOR THE CHOICES OF POLITICAL LEADERS, BOTH THE FEDERAL LEVEL, STATE LEVEL, AND ECONOMIC LEVEL.
>> DO ECONOMIC CERTAINS, SO MUCH TALK ABOUT IT, TYPICALLY DRIVE MORE PEOPLE TO VOTE IN A MIDTERM ELECTION?
>> YES, THE ECONOMY DOES INFLUENCE FOLKS, PARTICULARLY PEOPLE WITHOUT STRONG PARTISAN ATTACHMENTS AND THOSE WHO MIGHT BE PERSUADED TO VOTE FOR A DIFFERENT PARTY'S CANDIDATE AT THE HOUSE OR THE SENATE LEVEL.
>> AND I WOULD THINK THIS YEAR THE ECONOMY REALLY HITS HOME.
YOU KNOW IN PAST ELECTION CAMPAIGNS, WE'VE TALKED ABOUT THINGS LIKE AN EXPANDING DEFICIT, FOR INSTANCE, WHICH IS A LITTLE LESS TANGIBLE FOR SOME PEOPLE.
BUT THIS TIME AROUND, WE'RE TALKING ABOUT INFLATION AND POCKETBOOK ISSUES THAT ARE IMPACTING EVERYONE.
HOW DOES THE PARTY TRY TO HOLD ONTO GAINS, MANAGE AROUND THAT, AND HOW DOES THE PARTY INTERESTED IN MAKING GAINS IN CONGRESS CAPITALIZE ON THAT?
>> I THINK THE ARGUMENT IS EASIER FOR REPUBLICANS, RIGHT?
THEY CAN DRIVE HOME THE IDEA THAT INFLATION IS HIGH AND THAT YOUR MONEY ISN'T GOING AS FAR AS IT MAY HAVE IN PREVIOUS ELECTION YEARS.
FOR THE PARTY THAT'S IN POWER, IT'S A LITTLE BIT HARDER.
THERE ARE VARIOUS STRATEGIES THAT YOU CAN DO.
ONE THING TO DO IS TRY TO SHIFT THE CONVERSATION.
AND THAT'S TO MAKE OTHER ISSUES SALIENT OTHER THAN THE ECONOMY.
OR REMIND VOTERS OF, IN THIS CASE OF THIS ADMINISTRATION, HOW BAD THINGS WERE DURING THE PANDEMIC AND HOW EVEN THOUGH THERE ARE CHALLENGES, THINGS MIGHT BE GETTING BETTER.
>> PROFESSOR, IT'S BEEN SUCH A PLEASURE SPEAKING WITH YOU.
I WANT TO THANK YOU SO MUCH FOR YOUR TIME.
>> THE PLEASURE WAS MINE.
>>> MILLIONS OF DOLLARS HAVE BEEN SPENT AND RAISED SO FAR IN NEW JERSEY'S MIDTERM ELECTIONS.
THROUGH THE END OF LAST MONTH, DEMOCRATIC AND REPUBLICAN STATE COMMITTEES RAISED A TOTAL OF $5.5 MILLION AND SPENT NEARLY $3 MILLION.
DEMOCRATS HAVE OUTRACED REPUBLICANS BY MORE THAN A TWO TO ONE MARGIN, AND THAT'S A TREND WE'VE SEEN IN MANY OF THE RECENT ELECTIONS IN NEW JERSEY.
I TALKED WITH JEFF BRINDLE, THE EXECUTIVE DIRECTOR OF THE ELECTION LAW ENFORCEMENT COMMISSION, ABOUT POLITICAL MONEY MATTERS HERE IN JERSEY.
JEFF, SOME OF THE LATEST FUNDRAISING NUMBERS SHOW THAT DEMOCRATS HAVE RAISED MORE AND SPENT MORE FOR THIS UPCOMING ELECTION.
HOW DOES THE LEVEL OF FUNDRAISING WE'RE SEEING FOR THIS MIDTERM ELECTION COMPARE TO OTHER ELECTIONS WE'VE SEEN?
>> ONE OF THE THINGS WE'VE SEEN OVER THE LAST COUPLE OF DECADES IS AN INCREASE IN INDEPENDENT GROUP SPENDING, OTHERWISE CALLED DARK MONEY GROUP SPENDING.
AND ESSENTIALLY THAT'S A LITTLE BIT LESS THAN WHAT WE'VE SEEN IN RECENT ELECTIONS, ALTHOUGH IT'S STILL ABOUT $5 MILLION, YOU KNOW, AT THIS POINT.
SO, IT'S A LITTLE BIT LESS THAN WHAT WE'VE SEEN.
BUT, YOU KNOW, AGAIN, DEPENDING ON WHAT DISTRICT, CONGRESSIONAL ELECTIONS, DEPENDING WHAT DISTRICT YOU'RE LOOKING AT, IF IT'S A COMPETITIVE DISTRICT, YOU'RE GOING TO SEE A LOT OF SIGNIFICANT SPENDING.
>> AND IN SOME OF THOSE COMPETITIVE DISTRICTS, WOULD YOU EXPECT TO SEE A LAST-MINUTE FUNDRAISING PUSH OR SPEND HEADING INTO ELECTION DAY?
>> THE LAST TWO WEEKS OF THE CAMPAIGN, THERE'S ALWAYS SIGNIFICANT SPENDING AND IT'S ALWAYS AN INCREASE IN SPENDING DURING THAT PERIOD OF TIME.
>> BY THE WAY, WHERE IS MOST OF THE SPENDING GOING TO?
I MEAN, I THINK A LOT OF US HAVE SEEN MANY ADS ON TELEVISION.
IS THAT PRIMARILY WHERE SOME OF THESE DOLLARS GO?
>> IN RECENT YEARS, WE'VE SEEN SPENDING ON DIGITAL ADVERTISING HAS BEEN INCREASED AS WELL.
SO, YOU HAVE THE BROADCAST ADVERTISING AS WELL AS DIGITAL ADVERTISING AS WELL.
AND IN SOME INSTANCES YOU CAN SEE -- WE CAN HEAR ADVERTISING ON THE RADIO AS WELL.
>> I THINK IT'S INTERESTING AND PERHAPS POINTING OUT THAT SOMETIMES THE AMOUNT RAISED OR SPENT DOESN'T NECESSARILY MEAN THAT CANDIDATE IS VICTORIOUS ON ELECTION DAY.
IN NEW JERSEY, OF COURSE, THE ONE ELECTION THAT SOME OF US ARE STILL THINKING ABOUT WAS AT THE STATE LEVEL WITH SENATE PRESIDENT STEVE SWEENEY, WHO RAISED A LOT MORE MONEY THAT ED DUR, WHO ENDED UP WINNING THAT SEAT.
>> YOU'RE ABSOLUTELY RIGHT.
I MEAN, MONEY IS NOT ALWAYS THE REASON THAT PEOPLE WIN.
IT REALLY DEPENDS ON THE INDIVIDUAL CANDIDATES AND HOW THEY DO, HOW THEY COME ACROSS TO THE VOTERS.
BUT MONEY DOES HELP.
>> JEFF, SO GOOD TO CATCH UP WITH YOU.
THANK YOU SO MUCH FOR TAKING SOME TIME WITH ME.
>> SURE.
>>> AND THAT DOES IT FOR THIS WEEK.
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>>> NEXT WEEK ON "NJ BUSINESS BEAT," WE FOCUS ON THE HEALTH CARE INDUSTRY, INCLUDING WHY THIS YEAR WILL BE A TOUGH ONE FOR HOSPITALS, AND WHAT'S BEING DONE TO CONTROL HEALTH CARE COSTS.
THANKS SO MUCH FOR WATCHING.
ENJOY THE REST OF YOUR WEEKEND.

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