>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDE BY NJCU SCHOOL OF BUSINESS.GAME CHANGING FORCE WHE BUSINESS ANALYTICS AND DATA WE'RE STEPS FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY AND MINUTES FROM WALL STREET.

LEARN MORE AT NJCU.EDU/GAMECHANGER.

>>> THIS WEEK ON "NJ BUSINESS BEAT" VACCINE MANDATEs GO INTO EFFECT FOR TEACHERS AND STATE WORKERS AS SOME LONG A LEGAL CHALLENGE.

>> AND BREAKING RECORDS.

NEW JERSEY SPORTS BETTING REACHES NEW HEIGHTS.

>>> AND WE ALL THE ULE IMPORTANT GUBERNATORIAL ELECTION IN FOCUS ANALYZING WHAT A WIN FOR EACH CANDIDATE WOULD MEAN FOR A NEW JERSEY'S BUSINESS CLIMATE.

AND THE CONTROVERSIAL BALLOT QUESTION THAT COULD LEAD TO LOOT MORE REVENUE IF FOR STATE.

ED THIS ON "NJ BUSINESS BEAT."

>> THIS IS "NJ BUSINESS BEAT," WITH RHONDA SCHAFFLER.LO, I'M R. THANKS FOR JOINING OUNCE "NJ BUSINESS BEAT".

SUBSCRIBE TO OUR YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>> BUSINESS, STATE GOVERNMENT, SCHOOLS, ALL ARE IMPOSING VACCINE MANDATES ON WORKERS.

NEW JERSEY'S VACCINE MANDATE ON STATE WORKERS AND CONTRACT EMPLOYEES, ALONG WITH PRE K TO GRADE 12 SCHOOL EMPLOYEES TOOK EFFECT THIS WEEK.

AS OF THIS PAST MONDAY, WORKERS HAD TO BE FULLY VACCINATED OR SUBMIT TO WEEKLY TESTS FOR COVID-19.

GOVERNOR MURPHY SAYS A VERY HIGH PERCENTAGE OF WORKERS ARE COMPLYING.

BUT NOT EVERYONE.

A LAWSUIT HAS BEEN FILED CHALLENGING THE MANDATE.

EVEN AS HEALTH EXPERTS SAY THE MANDATES HAVE INCREASED VACCINE RATES.

>> IT IS A HUGE VIOLATION OF YOUR PRIVACY.

IT IS COMPLETELY AND TOTALLY UNPRECEDENTED.AND IF WE DON'T ST NOW, THEN OUR CHILDREN WILL GROW UP IN A WORLD WHERE THE GOVERNMENT CAN FORCE YOU TO SUBMIT TO ANYTHING.

>> FROM THE PUBLIC HEALTH PERSPECTIVE, MANDATES WORK.

AND MANDATES HAVE WORKED.

AND THEY HAVE ENCOURAGED PEOPLE WHO MIGHT HAVE BEEN ON THE FENCE AND CONTEMPLATIVE, WHO WEREN'T WILLING TO BE VACCINATED TO ACTUALLY GET THE VACCINE.

>> IN THE MEANTIME, SOME NEW JERSEY HOSPITAL SYSTEMS HAVE IMPOSED TOUGHER COVID-19 VACCINE MANDATES, TELLING WORKERS IF YOU DON'T GET VACCINATED, YOU WILL LOSE YOUR JOB.

OUR W.J.

BARNABAS AND VIRTUOUS HEALTH LET HUNDREDS OF OTHERS GO THIS WEEK AFTER THEY REFUSED TO GET KNOCK LATHED.

NEW JERSEY'S FINANCIAL HEALTH IS IMPROVING.

REVENUES WERE UP 30% IN THE FIRST THREE MONTHS OF THE IS IT STATE'S FISCAL YEAR.

THAT INCREASE AS THE STATE'S ECONOMY SHOWED SIGNS OF LIFE AFTER BEING DRAGGED DOWN BY THE PANDEMIC.RE PEOPLE WERE OUT SHOG AND BUSINESS ACTIVITY PICKED UP.

BUT THE STATE IS ALREADY WARNING REVENUES MIGHT SOFTEN ESPECIALLY AS WE HEAD INTO THE SPRING AND JOHN RITE MEYER SAYS THERE ARE A FEW REASONS FOR THAT.

>> THIS TIME LAST YEAR WE WERE STILL A LITTLE BIT DEPRESSED BY THE SECOND HALF OF THE FISCAL YEAR WAS REALLY GANG BUSTERS.

SO THEY WERE ALREADY PROJECTING A LITTLE BIT OF A DIP.

AND THEN IF YOU REMEMBER WHEN THE NEW BUDGET WAS SIGNED INTO LAW COUPLE MONTHS AGO, THERE WAS A FEW NEW TAX BREAKS AND TAX CREDITS THAT WERE ENACTED AS PART OF THAT NEW BUDGET.

AND SO THOSE TAX CHANGES ARE GONNA HAVE AN IMPACT ON COLLECTIONS AS WE KIND OF HEAD TOWARD THE SPRING AND TOWARDS THE LAST FEW QUARTERS OF THE FISCAL >> A NEW JERSEY ORGANIZATION RECEIVED 50 MILLION DOLLARS IN TAX CREDITS FROM THE FEDERAL GOVERNMENT TO HELP GROW THE ECONOMY?

SOME FORGOTTEN CORNERS OF OUR STATE.

COMMUNITY LENDING INSTITUTION WITH A MISSION TO ADVANCE EQUITY AND OPPORTUNITY THROUGH NEIGHBORHOOD REVITALIZATION.

NEW JERSEY COMMUNITY CAPITAL IS WHAT'S KNOWN AS A CDFI, OR COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.

CDFIs OFFER LOANS IN LOW INCOME AND FINANCIALLY DISADVANTAGED COMMUNITIES, PLACES THAT MAY BE OVERLOOKED BY TRADITIONAL NEW JERSEY COMMUNITY CAPITAL IS GOING TO USE THOSE TAX CREDITS TO FINANCE PROJECTS THAT WILL CREATE JOBS AND OPPORTUNITIES THROUGHOUT THE STATE.

TO LEARN MORE, I SAT DOWN WITH RONALD WONG, THE ORGANIZATION'S PROGRAM DIRECTOR FOR ACADEMIC DEVELOPMENT.

YOUR ORGANIZATION JUST RECEIVED 50 MILLION DOLLARS IN TAX CREDITS FROM THE FEDERAL GOVERNMENT, EXPLAIN TO ME HOW THOSE TAX CREDITS WILL BE USED TO BENEFIT COMMUNITIES IN NEW JERSEY?

>> BASICALLY THE NEW MARKETS TAX CREDIT PROGRAM IS A PROGRAM THAT ALLOWS ORGANIZATIONS SUCH AS NEW JERSEY COMMUNITY CAPITAL TO PROVIDE FINANCING TO PROJECTS THAT MAY NOT OTHERWISE BE ABLE -- BE FEASIBLE WITHOUT THESE TAX CREDITS.

AND WHAT IT DOES IS IT ALLOWS INVESTORS, USUALLY IT IS INSTITUTIONAL INVESTORS TO PROVIDE CAPITAL TO THESE PROJECTS AND ALLOWS THE FINANCING TO BE BELOW MARKET INTEREST RATES.

THAT ALLOWS TO MAKE THESE PROJECTS FEASIBLE.

>> AND WHAT SORT OF PROJECTS HAS THE NEW JERSEY COMMUNITY CAPITAL HELPED FACILITATE IN NEW JERSEY?

>> WE'VE BEEN ABLE TO PROVIDE FINANCING TO A WIDE VARIETY OF PROJECTS ACROSS THE STATE.

CHARTER SCHOOLS.

WE'VE ALSO FUNDED SOME LIGHT MANUFACTURING FACILITIES.

AND REDEVELOPMENT OF HISTORIC PROPERTIES IN THE STATE.

AND WE TARGET BASICALLY ALL ACROSS THE STATE.

WE LIKE TO MAKE AN IMPACT ON UNDERSERVED COMMUNITIES THROUGHOUT THE STATE AS WELL.

>> AND CDFI RESUME REALLY KIND OF A LYNCH PIN IN SOME COMMUNITIES.

IF CDFIS WERE NOT THERE, A LOT OF PROJECTS PERHAPS COULD NOT GET FUNDED.

SO IN TERMS OF YOUR OVERALL IMPORTANCE IN THE STATE TOWARDS ADVANCING OUR ECONOMY, HOW WOULD YOU DESCRIBE YOUR ROLE?

>> ONE OF THE LARGEST CDFIs IN THE STATE.

THERE ARE OTHERS AS WELL.

AND INDUSTRY ITSELF CONTRIBUTES TO ENABLING INVESTMENTS IN THESE NEIGHBORHOODS, WHETHER FOR SMALL BUSINESSES AND SMALL BUSINESS OWNERS LOOKING FOR START-UP FINANCING OR EVEN ESPECIALLY DURING THE PANDEMIC, LOT OF BUSINESSES JUST WERE IN GREAT NEED OF FINANCING TO KEEP GOING.

AND I BELIEVE, YOU KNOW, CDFIs, SUCH AS NEW JERSEY COMMUNITY CAPITAL AND OTHER PARTNERS HAVE BEEN ABLE TO PROVIDE THAT FINANCING.

OTHERWISE, YOU KNOW, THESE BUSINESSES COULDN'T SURVIVE AS WELL AS, YOU KNOW, PROVIDING FINANCING FOR TO CONTINUE TO ADDRESS THE AFFORDABLE HOUSING CRISIS IN THE STATE IN ORDER TO PROVIDE FINANCING TO BUILD NEW HOUSING AND REHAB OLD HOUSING.

SO WITHOUT CDFIs, IT IS A LOT MORE DIFFICULT FOR BUSINESSES AND OWNERS AND COMMUNITY ORGANIZATIONS TO BE ABLE TO TAKE ON PROJECTS AND COMPLETE PROJECTS THAT WILL IMPROVE THEIR SITUATIONS.

>> RON, THANK YOU FOR SPENDING SOME TIME WITH ME.

>> ANY TIME.

THANK YOU FOR HAVING ME.

>>> HOW CAN NEW JERSEY GROW ITS ECONOMY?

WILL YOUR PROPERTY TAXES EVER DECREASE?

HOW CAN STATE GOVERNMENT REIN IN SPENDING?

THESE ARE JUST SOME OF THE QUESTIONS NEW JERSEY VOTERS ARE ASKING AS THEY THINK ABOUT WHO TO VOTE FOR IN THE GUBERNATORIAL RACE.GOVERNOR PHIL MURPHY IS VYG FOR HIS SECOND TERM WHILE REPUBLICAN JACK CHIT REALLY, FORMER STATE LAWMAKER AND ACCOUNTANT IS TRYING TO UNSEAT HIM.

WITH EARLY VOTING STARTING THIS WEEKEND WE DECIDED TO PUT MONEY IN POLITICS IN FOLKS THIS WEEK.

ELECTIONS ARE ALL ABOUT NUMBERS.

HERE IS THE FIRST SET WE'RE GOING THROW AT YOU.

A STOCKTON UNIVERSITY STATEWIDE POLL OF LIKELY VOTERS TAKEN LAST MONTH FINDS MURPHY LEADS BY 9 PERCENTAGE POINTS.

9% ARE UNDECIDED OR NOT LIKING EITHER CANDIDATE.

THE POLL HAD A MARGIN OF ERROR OF JUST OVER 4 PERCENTAGE POINTS.

I SAT DOWN WITH JACK CHIT REALLY TO FIND OUT WHAT HIS PLANS ARE FOR NEW JERSEY'S ECONOMY, WORKEX PLAYERS.

>> PLEASURE TO SPEAK WITH YOU AND SO HAPPY YOU HAVE TIME TO FOCUS IN ON YOUR VISION FOR NEW JERSEY'S ECONOMY IN PARTICULAR.

>> WE SAW THE CONSEQUENCES A COUPLE MONTHS AGO WHEN NABISCO MOVED OUT AND FIRST TIME IN 63 YEARS, OREO COOKIES WON'T BE MADE IN NEW JERSEY.

600 GOOD PAYING MIDDLE CLASS JOBS WENT WITH THE MIGRATION TO THE CAROLINASS.

THAT IS NOT GOING TO BE THE CASE UNDER GOVERNOR CIATTARELLI.

I'M DETERMINED TO MAKE THE BUSINESS CLIMATE ONE OF THE VERY BEST SO WE CAN ATTRACT LARGE BUSINESS AND ALSO BE A MUCH BETTER PLACE TO DO BUSINESS FOR MEDIUM SIZED FIRMS AND SMALL BUSINESSES ON MAIN STREET.

THAT'S WHERE I WAS.

I GET IT.

ONE OF MY TOP TWO GOALS IS TO MAKE NEW JERSEY A MUCH BETTER PLACE TOO DO BUSINESS AND NOT JUST REGIONALLY COMPETITIVE.AY S DECLARE ECONOMIC WAR ON OUR NEIGHBORS.

>> THOSE ARE FIGHTING WARS.

>> WE'RE LOSING RIGHT NOW.

DELAWARE, PENNSYLVANIA, GEORGIA, FLORIDA, TEXAS, ARE EATING OUR LUNCH.

AND THAT TO ME IS A SLOW ECONOMIC GETth DEATH.

AND WE'RE NOT GOING TO HAVE THA.

I HAVE GOALS IN MIND TO TRANSFORM THE BUSINESS CLIMATE OVERNIGHT.

>> SOME OF THOSE HAVE TO DO WITH TAXES AND MAKING REDUCTIONS OR IN SOME CASES MAKING THINGS THAT YOU ARE ABLE TO WRITE OFF ON YOUR TAXES.

YOU ACTUALLY HAVE QUITE A FEW DETAILS ON WHAT YOU WOULD LIKE TO DO.

MY QUESTION, WHAT WILL THAT COST IN TERMS OF LOST REVENUE.

>> I THINK WE SHOULD INCREASE TAX REVENUE BY MAKING NEW JERSEY A PLACE A LOT MORE PEOPLE WANT TO LIVE, WORK AND START A BUSINESS AND WHERE FIRMS OF ALL SIZES WANT TO DO BUSINESS.

THAT IS THE WAY TO INCREASE TAX REVENUE.

AND THE WAY I PROPOSE MAKING THOSE CHANGES I THINK IS FISCALLY RESPONSIBLE.

CASE IN POINT, IT DOESN'T COST ANY MONEY TO ADOPT DELAWARE'S BYLAWS FOR CORPORATE GOVERNANCE.

WE'VE ALL HEARD DELAWARE CORPORATIONS.RE IS ONE OF THE MT ATTRACTIVE PLACES IN THE COUNTRY THE IF NOT THE MOST ATTRACTIVE.

LET'S ADOPT THE BYLAWS FOR CORPORATE GOVERNANCE.

THAT WOULDN'T COST A DIME.

I THINK WE COULD NOT THE TAX RATE IN HALF OVER A FIVE YEAR PERIOD.

THAT AS FISCALLY RESPONSIBLE WAY OF DOING SO AND WOULD LET ALL FIRMS BENEFIT AS OPPOSED TO THE EDA CORPORATE RETENTION, CORPORATE RECRUITMENT PROGRAM IN THE BUSINESS OF PICKING WINNERS AND LOSERS.

I ALSO BELIEVE WE SHOULD MAKE THE SALE OF AN IPO STOCK TAX FOR SMALL BUSINESSES, LET'S MAKE THE FIRST $50,000 OF BUSINESS INCOME TAX FREE SO MOM AND POP SHOPS AND RECOUP THE INITIAL INVESTMENT OR POOR IT RIGHT BOOK INTO THE BUSINESS AND CREATE MORE JOBS BECAUSE SMALL BUSINESS ARE THE BACKBONE IN JERSEY ECONOMY.

>> LET ME ASK ABOUT CORPORATE TAX INCENTIVES.

SHOULD WE NOT HAVE THIS NEM.

>> I UNDERSTAND CORPORATE RETENTION AND KRE KRUMT.

WHENEVER SOMEONES SAYS MY GOODNESS, WHAT ARE YOU GOING DO WITH THE LOST REVENUE?

THE GOVERNOR JUST APPROVED OF A $14 BILLION TAX CREDIT PROGRAM.

THAT'S $14 BILLION OF TAX REVENUE WE'LL NEVER COLLECT.

I DON'T KNOW WHY HE'S NEVER ASKED THE SAME QUESTION.

BUT I DON'T LIKE GOVERNOR -- IN THE BUSINESS OF PICKING WINNERS AND LOSERS.

WHY NOT HAVE A TAX POLICY THAT WORKS FOR ALL CORPORATIONS INSTEAD OF THE BUREAUCRATIC PROCESS OF APPLYING FOR TAX CREDITS AND GIVING OUT TO ONLY A FEW, NOT EVERYONE AND US HAVING TO TRACK WHETHER EVERYBODY KORMGS HAS MET ER ONE OF IT OBLIGATIONS.

>> I UNDERSTAND THE CON SEVENTY OF MAKING CHANGES WHERE YOU ARE PERHAPS REVENUE NEUTRAL BECAUSE MORE BUSINESSES COME N MORE PEOPLE STAY IN NEW JERSEY.

BUT WHEN WE HAVE MORE, DOESN'T THAT MEAN ALSO MORE SERVICES ARE NEEDED, WHICH IS ALSO EXPENSIVE.

>> NOT NECESSARILY.

IF THE ECONOMY IS THRIVING, THAT'S FEWER PEOPLE THAT ARE DEPENDENT ON THE SOCIAL SAFETY NET.

AND I DO BELIEVE IN THE SOCIAL SAFETY NET.

AND IF MORE BUSINESSES ARE THRIVING, THAT MEANS MORE OF EVERYTHING HERE IN NEW JERSEY.

SO LISTEN, THE KEY IS THIS.

NEW JERSEY'S BUSINESS CLIMATE IS RANKED THE WORST IN THE NATION.

NO ONE IS GOING TO CONVINCE ME THAT IS NOT HOLDING US BACK ECONOMICALLY.

>> AND WHERE SOME PEOPLE ARE CHOSEN NOT TO RETURN TO JOBS WITH THE PANDEMIC.

THERE ARE STILL PEOPLE COLLECTING UNEMPLOYMENT AND SEARCHING FOR WORK.

WHEN THOSE PEOPLE GO TO THE POLLS, GO TO VOTE, WHAT SHOULD THEY KNOW ABOUT YOU IN TERMS OF WHAT YOU WILL DO FOR JOB CREATION?

>> MY GOAL AS THE GOVERNOR IS TO HAVE THIS BE A STATE WHERE PEOPLE TRULY WANT TO LIVE, WORK, RETIRE, START A BUSINESS AND BIG BUSINESS WANTS TO COME AND OPEN UP SHOP.

I BELIEVE MY REFORMS WILL HELP ACCOMPLISH THAT.

WE ARE OUR BROTHERS AND SISTERS KEEPER.

THERE ARE HARDSHIP CASES AND WE ALWAYS NEED TO TAKE CARE OF THOSE.AT THE SAME TIME IT IS TIO GET BACK TO WORK.

>> JACK CIATTARELLI, THANK YOU SO MUCH FOR YOUR TIME.. >> RHONDA, THANK YOU.

>>> "NJ BUSINESS BEAT" REACHED OUT TO THE MURPHY CAMPAIGN FORRO TALK TO A REPRESENTATIVE ABOUT THE GOVERNOR'S ECONOMIC PLAN IF HE WERE TO WIN REELECTION.

UNFORTUNATELY THE CAMPAIGN NEVER RESPONDED TO US.

HOWEVER, THE GOVERNOR DID DISCUSS SOME OF HIS PLANS DURING OUR NJ PBS DEBATE, INCLUDING HIS IDEAS TO JUMP START THE ECONOMY, GET PEOPLE BACK TO WORK AND AVOID NEW TAX INCREASES.

>> MR. MURPHY AS WE RECOVER FROM COVID THE STATE'S UNEMPLOYMENT RATE IS STILL ABOVE 7%, ONE OF THE HIGHEST IN THE KPOUNTRY.

AT THE SAME TIME MANY BUSINESSES SAY THEY ARE STRUGGLING TO HIRE ENOUGH WORKERS.

WHY HASN'T YOUR ADMINISTRATION BEEN ABLE TO GET MORE NEW JERSEYENS BACK TO WORK?

YOU HAVE SIXTY-SECONDS.

>> >> OUR A LOWEST UNEMPLOYMENT RATE IN STATE'S HISTORY BEFORE THE PANDEMIC HIT AND IT IS HARD TO IGNORE THAT PUBLIC HEALTH IS THE REASON WHY WE'RE STILL AT A SOMEWHAT ELEVATED LEVEL.

BUT WE'VE THROWN A TON OF MONEY AT SMAUKZS.

ONLY CALIFORNIA AND NEW YORK HAVE PUT MORE MONEY ON THE STREET.WE'LL CONTINUE THAT.

WE UNVEILED A PROGRAM CALLED RETURN AND EARN WHICH IS CASH ON THE BARREL FOR THE EMPLOYEE TO COME BACK.

BUT ALSO IMPORTANTLY, $10,000 IN THE FIRST SIX MONTHS, SMALL BUSINESSES ONLY, FOR THAT SMALL BUSINESS TO UP TRAIN AND UP SKILL THAT EMPLOYEE.

WE THINK THAT HAS LOTS OF LAST I CHECKED I THINK 2500 SMALL BUSINESSES SIGNED UP FOR THAT.

OUR UNEMPLOYMENT RATE HAS COME DOWN AND WILL CONTINUE TO COME DOWN.

BUT WE WANT TO ACCELERATE THAT AS WEST WE AND WE'LL CONTINUE TO THAT.

WE HAVE MORE AMERICAN RESCUE MONEY TO PUT ON THE STREET AND I GUARANTEE A GOOD CHUNK WILL BE GOING TO SMALL BUSINESSES AND GETTING FOLKS BACK TO WORK.TATE REVENUES HAVE BEEN HELPED BY 4 BILLION IN BORROWING AND 6 BILLION COVID RELIEF FUNDING FROM THE FEDERAL GOVERNMENT.

THESE ARE ONE SHOT REVENUES IF THAT WE CAN'T RELY ON THEM AGAIN.

WHERE WILL THE MONEY COME FROM NEXT YEAR NOW THAT YOU PLEDGED NOT TO RAISE TAXES.

>> FIRST ON THE BUDGET THAT I SIGNED FOR THE CURRENT FISCAL YEAR ALL 4.2 BILLION DOLLARS THAT WE BORROWED IS SPOKEN FOR.

THERE IS A BIG BUCKET FOR DEBT REPAYMENT AND A BIG BUCKET FOR DEBT AVOIDS.

THE SOUTH JERSEY WIND PORT WE'RE GOING TO LEAD THE NATION IF NOT THE WORLD IN OFF SHORE WIND.

FORWARD VERSUS BACKWARDS AGAIN.

THAT WOULD HAVE BEEN A BOND WE DON'T HAVE TO DO NOW.

THAT'S ONE PART.

AND OUR STATE HAS AN AWFUL TRACK RECORD SPENDING ONE OFF MONIES AND FILLING UP BUDGET HOLE, MAKING UP FOR OPERATING WE'RE NOT GOING TO DO.

>> TO RUN FOR OFFICE YOU NEED AN CAMPAIGN WAR CHEST TO PAY FOR ALL THE COMMERCIAL URS SEEING ON GOVERNOR MURPHY RAISED MORE MONEY THAN CIATTARELLI BUT SPENT LESS.

AND WITH JUST WEEKS TO GO UNTIL THE ELECTION, THE MURPHY CAMPAIGN HAS A LOT MORE MONEY LEFTOVER TO SPEND AND WIN YOUR VOTE.

THERE'S BEEN A TREND OF INCREASED SPENDING IN NEW JERSEY ELECTIONS.

ELECT SAYS COMBINED SPENDING THIS YEAR IS OUTPACING WHAT WAS SPENT IN THE LAST GOVERNOR'S ELECTION.

ELECT'S JEFF BRINDAL SAYS MORE MONEY IS BEING SPENT BY THE INDEPENDENT GROUPS OR SO CALLED DARK MONEY GROUPS.

>> SPENDING CONTINUES TO GOUP.

AND AGAIN AS I SAID, IT IS BOOSTED BY THE INDEPENDENT GROUP SPENDING THAT HAS REALLY TAKEN OFF SINCE THAT TIME.

I THINK THE PERCENTAGE THAT WE FOUND GOING BACK TO 2003, THERE WAS I THINK OVER 12,000 PERCENT INCREASE IN SPENDING BY THESE GROUPS.

SO I THINK, YOU KNOW, CERTAINLY THAT'S A FACTOR IN WHAT'S GOING ON.

>> BUSINESS LEADERS ARE CLOSELY WATCHING THE GOVERNOR'S RACE THIS YEAR.

LET'S FACE IT.

THERE IS A LOT THAT NEEDS TO BE FIXED.

AND BUSINESSES HAVE BEEN VOCAL FOR SOME TIME ABOUT THE FACT THEY NEED MORE HELP.

SO WE CAUGHT UP WITH TOM BRACKEN, PRESIDENT OF THE NEW JERSEY CHAMBER OF COMMERCE.

I ASKED WHAT BUSINESSES WANT FROM THE NEXT GOVERNOR AND WHICH CANDIDATE WOULD BE BETTER FOR BUSINESS.

WITH ELECTION DATE FAST APPROACHING, WHAT ARE THE ISSUES THAT BUSINESSES ARE REALLY CARING ABOUT AS THEY THINK ABOUT WHO IS GOING TO BE THE NEXT GOVERNOR?

>> PROBABLY THE MOST PROMINENT ISSUES THEY ARE DEALING WITH RIGHT NOW ARE THE INABILITY TO ATTRACT PEOPLE TO STAFF THE COMPANY, TO MAXIMIZE THEIR HOURS OF BEING OPEN AND TO MEET PRODUCTION SCHEDULES IF THEY ARE IN THE MANUFACTURING BUSINESS.

THAT IS A BIG ISSUE RIGHT NOW.

A HUGE ISSUE.

ANOTHER ISSUE IS THERE IS STILL A LACK OF CAPITAL AVAILABLE TO A LOT OF COMPANIES.

THEY ARE CASH STARVED.

THEY NEED MONEY TO CONTINUE TO MOVE FORWARD WITH THEIR RECOVERY.D ON TOP OF THAT, THERE ON DPOING ISSUE OF COVID.

>> LET'S LOOK AT EACH CANDIDATE.

WHAT WOULD BUSINESSES GET FROM GOVERNOR MURPHY, SECOND TERM.

AND WHAT WOULD THEY GET FROM JACK CIATTARELLI?

WHAT DO WOE KNOW BASED ON WHAT WE'VE HEARD SO FAR THAT WOULD BE BENEFICIAL TO THE BUSINESS COMMUNITY FROM BOTH OF THEM POTENTIALLY?ACK CIATTARELLI HASY AGGRESSIVE AGENDA THAT HE'S ARTICULATED REALLY SINCE HE RAN FOR GOVERNOR THE FIRST TIME.

AND IT IS A VERY PRO-BUSINESS AGENDA.

IT TALKS ABOUT REDUCING TAX, GIVING TAX BREAKS FOR CERTAIN LEVELS OF INCOME IN NEW JERSEY TO KEEP PEOPLE IN THE STATE.

HE'S GOT IDEAS ON REDUCING THE SIZE OF GOVERNMENT AND AN IDEA ON REDUCING TAXES.

AND THAT WOULD HELP WITH THE STATE'S COMPETITIVENESS.

GOVERNOR MURPHY WHO HAD BEEN DEALING A LOT WITH THE MEDICAL CRISIS THAT WE HAVE ENDURED FOR THE LAST ALMOST TWO YEARS NOW IS NOW STARTING TO TALK ABOUT WHAT HE WOULD DO IN A SECOND TERM, STARTING WITH, WHICH WAS MUSIC TO ALL OUR EARS, NO NEW TAXES THE NEXT FOUR YEARS.

AND HE'S ALSO STARTED TO TALK IN HIS DEBATES AND IN DIFFERENT SPEECHES I'VE HEARD HIM GIVE SINCE THE DEBATES ABOUT PROVIDING MORE RESOURCES TO THE BUSINESS COMMUNITY.

>> IS IT POSSIBLE THAT THE BUSINESS COMMUNITY WINS REGARDLESS OF WHO IS ELECTED?

>> IT IS NOT ONLY POSSIBLE, BUT IT IS PROBABLE.

BECAUSE, AND THE REASON I SAY THAT RHONDA IS THIS STATE IS BLESSED WITH SOME OF THE BEST DEMOGRAPHIC, THE MOST ATTRACTIVE ASSETS AND OUR LOCATION IS BLESSED WITH ALL OF THOSE PROBABLY MORE THAN ANY OTHER STATE IN THE COUNTRY.

AND WE ARE NOT RANKED VERY HIGHLY FROM THE STANDPOINT OF BUSINESS COMPETITIVENESS.

SO WE HAVE TO BRING ALL THOSE ASSETS TO THE TABLE AND UTILIZE AND MANGANESE THESE ASSETS.

IF WE DO THAT, THERE IS ENORMOUS UPSIDE FOR NEW JERSEY.

AND WE HAVE TO HAVE UPSIDE.

BECAUSE THE GOVERNMENT SPENDING, THE BUDGETS HAVE GROWN.

YOU HAVE TO FIND A WAY TO PAY FOR THAT.

AND THE ONLY SUSTAINABLE, LONG-TERM WAY TO PAY FOR THAT IS THROUGH ECONOMIC GROWTH.

>> THANK YOU, TOM.

GREAT TO TALK TO YOU AS ALWAYS.

>> THANK YOU RHONDA.

>>> VOTERS THIS YEAR AREN'T JUST CASTING BALLOTS FOR GOVERNOR IN THE STATE LEGISLATURE.

THE BALLOT INCLUDES A PUBLIC QUESTION ASKING WHETHER THE STATE CONSTITUTION SHOULD BE AMENDED TO ALLOW FOR BETTING ON COLLEGE SPORTS OR ATHLETIC EVENTS THAT TAKE PLACE IN NEW JERSEY, AS WELL AS ALLOWING PEOPLE TO BET ON NEW JERSEY COLLEGE TEAMS.

THE RECENT POLL BY STOCKTON UNIVERSITY ALSO ASKED VOTERS FOR THEIR THOUGHTS ON THIS.

45% OPPOSE GAMBLING ON COLLEGE SPORTS.

40% SUPPORT IT.

14% AREN'T SURE.

I SPOKE WITH ONE OF THE LAWMAKERS WHO DRAFTED THE BILL THAT LED TO GETTING THE PUBLIC QUESTION ON THE BALLOT.

SENATOR BELIEVES VOTERS WILL AND SHOULD APPROVE IT.

RESIDENTS GOING TO THE POLLS MAILING IN THEIR BALLOTS AND INCLUDES ON THERE A QUESTION ABOUT ALLOWING SPORTS GAMBLING WITH COLLEGE GAMES.

NOW, THIS IS THE RESULT OF A BILL THAT'S QUESTION COMES FROM A BILL THAT YOU SPONSORED.

WHAT WAS BEHIND THE IDEA HERE TO GET THIS ON THE BALLOT?

>> WE'VE DONE WELL WITH ALL TYPES OF OTHER QUESTIONS IN PAST YEARS AS IT RELATES TO SPORTS BETTING.

WE'VE SEEN SPORTS BETTING MONMOUTH RACETRACK AND THE MEADOWLANDS AND OTHER PLACES, AS WELL AS MANY OF OUR CASINOS.

PEOPLE ARE ALREADY DOING IT RIGHT NOW SO LET'S BRING THIS OUT OF THE SHADOWS AND JUST LEGALIZE IT.

AND WE'RE SEEING EARLY PROJECTIONS NOW IN REVENUE NUMBERS AND THE STATE IS BRINGING IN A LOT OF REVENUE, TAXATION FROM IT.

>> HOW POTENTIALLY WILL THIS HELP THE SPORTS BETTING INDUSTRY OVERALL?

ADDITIONAL REVENUES?

OR DO YOU THINK THE AVAILABILITY OF BETTING SAY ON A RUTGERS FOOTBALL GAME MIGHT ATTRACT IN MORE PEOPLE THAT HAVEN'T BET BEFORE?

>> I THINK A COMBINATION OF BOTH.

I THINK RIGHT NOW PEOPLE ARE ALREADY BETTING ON RUTGERS FOOTBALL GAMES.

THEY ARE JUST NOT DOING IT LEGALLY.

THIS ALLOWS FOLKS TO DO THAT.

AND LOOK, WE'LL HAVE THE OPPORTUNITY TO DEDICATE SOME FUNDS TO GO TOWARDS REAL GOOD PROGRAMS IN THE STATE.

SO TAXPAYERS DON'T HAVE TO ULTIMATELY FOOT THE BILL.

>> AS YOU KNOW, WE JUST SAW SPORTS BETTING BREAKTHROUGH RECORDS IN SEPTEMBER WITH MORE THAN A BILLION DOLLARS IN SPORTS BETS.E YOU SURPRISED BY HOW SUCCESSFUL THIS INDUSTRY IS IN NEW JERSEY RIGHT NOW?

>> YOU KNOW, I'M NOT.

I THINK THAT PEOPLE LOVE SPORTS.

THEY LOVE THEIR FOOTBALL TEAMS.

THE GIANT, THE JET, YANKEES, METS.

THEY LOVE WATCHING AND LOT OF PEOPLE ENJOY PLACING A SMALL BET JUST LIKE AT A RACETRACK OR ANYWHERE ELSE.

I THINK IT'S ALWAYS HAPPENED.

AND FRANKLY I'M SURPRISED WE DIDN'T DO THIS EARLIER.

>> WHAT ARE YOUR EXPECTATIONS FOR THAT PUBLIC QUESTION IN TERMS OF WHAT WE'LL SEE ON ELECTION DAY?

>> I THINK IT IS GOING TO PASS PRETTY OVERWHELMINGLY JUST AS SPORTS BETTING ITSELF TWO YEARS AGO.

AND I THINK IT IS GOING TO BE A NO BRAINER.

REALLY NO REASON NOT TO.

IN THE END IT IS OPTION.

YOU DON'T HAVE TO SPORTS BETTING IF YOU DON'T WANT TO.

AND IT ALLOWS RESIDENTS IN NEW >> SENATOR, THANKS FOR YOUR TIME.

>> THANK YOU SO MUCH.

>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

THANK YOU FOR WATCHING.

I'M RHONDA SCHAFFLER.

WE'LL SEE YOU NEXT WEEK.

>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY: NJCU SCHOOL OF BUSINESS, A GAME CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY, AND MINUTES FROM WALL STREET.

LEARN MORE AT NJCU.EDU/GAMECHANGER.

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