WEBVTT 00:00.400 --> 00:01.968 align:left position:10% line:89% size:80% >> Announcer: MAJOR FUNDING FOR 00:01.968 --> 00:03.570 align:left position:10% line:89% size:80% "REPORTERS ROUNDTABLE" WITH 00:03.570 --> 00:05.672 align:left position:10% line:89% size:80% DAVID CRUZ IS PROVIDED BY NEW 00:05.672 --> 00:06.740 align:left position:12.5% line:89% size:77.5% JERSEY REALTORS, THE VOICE FOR 00:06.740 --> 00:09.376 align:left position:10% line:89% size:80% REAL ESTATE IN NEW JERSEY. 00:09.376 --> 00:10.910 align:left position:10% line:89% size:80% MORE INFORMATION IS ONLINE AT 00:10.910 --> 00:13.580 align:left position:10% line:89% size:80% NJREALTOR.COM. 00:13.580 --> 00:15.148 align:left position:10% line:89% size:80% RWJBARNABAS HEALTH. 00:15.148 --> 00:19.386 align:left position:10% line:89% size:80% LET'S BE HEALTHY TOGETHER. 00:19.386 --> 00:19.953 align:left position:10% line:89% size:80% AND BY NJM INSURANCE GROUP, 00:19.953 --> 00:21.488 align:left position:12.5% line:89% size:77.5% SERVING THE INSURANCE NEEDS OF 00:21.488 --> 00:22.555 align:left position:10% line:89% size:80% NEW JERSEY RESIDENTS AND 00:22.555 --> 00:23.156 align:left position:10% line:89% size:80% BUSINESSES FOR MORE THAN 100 00:23.156 --> 00:28.161 align:left position:10% line:89% size:80% YEARS. 00:28.161 --> 00:30.263 align:left position:10% line:89% size:80% ROWEN UNIVERSITY, EDUCATING NEW 00:30.263 --> 00:32.132 align:left position:10% line:89% size:80% JERSEY LEADERS, PARTNERING WITH 00:32.132 --> 00:32.966 align:left position:10% line:89% size:80% NEW JERSEY BUSINESSES, 00:32.966 --> 00:33.500 align:left position:10% line:89% size:80% TRANSFORMING NEW JERSEY'S 00:33.500 --> 00:34.934 align:left position:10% line:89% size:80% FUTURE. 00:34.934 --> 00:36.536 align:left position:10% line:89% size:80% PROMOTIONAL SUPPORT IS PROVIDED 00:36.536 --> 00:37.570 align:left position:10% line:89% size:80% BY "NEW JERSEY BUSINESS 00:37.570 --> 00:38.638 align:left position:12.5% line:89% size:77.5% MAGAZINE," THE MAGAZINE OF THE 00:38.638 --> 00:41.274 align:left position:10% line:89% size:80% NEW JERSEY BUSINESS AND INDUSTRY 00:41.274 --> 00:42.542 align:left position:10% line:89% size:80% ASSOCIATION, REPORTING TO 00:42.542 --> 00:44.978 align:left position:10% line:89% size:80% EXECUTIVE AND LEGISLATIVE 00:44.978 --> 00:46.546 align:left position:10% line:89% size:80% LEADERS IN ALL 21 COUNTIES OF 00:46.546 --> 00:50.250 align:left position:10% line:89% size:80% THE GARDEN STATE SINCE 1954. 00:50.250 --> 00:51.851 align:left position:10% line:89% size:80% AND BY POLITICO'S "NEW JERSEY 00:51.851 --> 00:53.987 align:left position:10% line:89% size:80% PLAYBOOK," A TOPICAL NEWSLETTER 00:53.987 --> 00:55.555 align:left position:10% line:89% size:80% ON GARDEN STATE POLITICS, ONLINE 00:55.555 --> 01:01.961 align:left position:10% line:89% size:80% AT POLITICO.COM 01:01.961 --> 01:15.975 align:left position:10% line:89% size:80% ♪ 01:15.975 --> 01:17.844 align:left position:10% line:89% size:80% >>> THE RESTRUCTURING OF THE 01:17.844 --> 01:18.945 align:left position:12.5% line:89% size:77.5% LEGISLATURE HAS PUT NEW CHAIRS 01:18.945 --> 01:20.580 align:left position:10% line:89% size:80% AT THE HEAD OF SEVERAL KEY 01:20.580 --> 01:23.850 align:left position:10% line:89% size:80% COMMITTEES, NONE MORE IMPORTANT 01:23.850 --> 01:24.217 align:left position:10% line:89% size:80% THAN EDUCATION. 01:24.217 --> 01:26.019 align:left position:10% line:89% size:80% HI, EVERYBODY, WELCOME TO 01:26.019 --> 01:26.619 align:left position:10% line:89% size:80% "REPORTERS ROUNDTABLE," I'M 01:26.619 --> 01:28.288 align:left position:10% line:89% size:80% DAVID CRUZ, ALONG WITH A FINE 01:28.288 --> 01:30.490 align:left position:10% line:89% size:80% BAND OF STATE HOUSE JOURNALISTS, 01:30.490 --> 01:33.326 align:left position:10% line:89% size:80% INCLUDING STACIE SHERMAN, DEPUTY 01:33.326 --> 01:35.161 align:left position:10% line:89% size:80% MANAGING EDITOR FOR U.S. BUREAUS 01:35.161 --> 01:41.201 align:left position:10% line:89% size:80% FOR BLOOMBERG, KATHERINE 01:41.201 --> 01:43.336 align:left position:10% line:89% size:80% LANDREGEN, POLITICO, AND THE 01:43.336 --> 01:44.938 align:left position:10% line:89% size:80% BUDGET AND FINANCE WRITER FOR NJ 01:44.938 --> 01:45.772 align:left position:10% line:89% size:80% SPOTLIGHT NEWS. 01:45.772 --> 01:47.006 align:left position:12.5% line:89% size:77.5% THEY'LL BE JOINING ME IN A BIT 01:47.006 --> 01:48.441 align:left position:10% line:89% size:80% BUT WE START TODAY WITH THE NEW 01:48.441 --> 01:50.477 align:left position:10% line:89% size:80% CHAIRMAN OF THE SENATE EDUCATION 01:50.477 --> 01:53.880 align:left position:10% line:89% size:80% COMMITTEE, VIN GOPAL OF MONMOUTH 01:53.880 --> 01:54.114 align:left position:10% line:89% size:80% COUNTY. 01:54.114 --> 01:54.814 align:left position:12.5% line:89% size:77.5% SENATOR, WELCOME TO "REPORTERS 01:54.814 --> 01:55.115 align:left position:10% line:89% size:80% ROUNDTABLE." 01:55.115 --> 01:55.849 align:left position:10% line:89% size:80% GOOD TO SEE YOU, MAN. 01:55.849 --> 01:57.717 align:left position:10% line:89% size:80% >> GOOD TO SEE YOU, DAVID. 01:57.717 --> 02:00.353 align:left position:12.5% line:89% size:77.5% >> SO, THIS IS REALLY BEEN THE 02:00.353 --> 02:03.423 align:left position:10% line:89% size:80% TOUGHEST TWO SCHOOL YEARS IN 02:03.423 --> 02:03.656 align:left position:10% line:89% size:80% MEMORY. 02:03.656 --> 02:05.925 align:left position:10% line:89% size:80% SO MANY CHALLENGES FACED BY KIDS 02:05.925 --> 02:07.227 align:left position:10% line:89% size:80% AND PARENTS AND EDUCATIONAL 02:07.227 --> 02:07.827 align:left position:10% line:89% size:80% STAFF. 02:07.827 --> 02:09.262 align:left position:10% line:89% size:80% WHERE HAS THE PANDEMIC HIT 02:09.262 --> 02:16.136 align:left position:10% line:89% size:80% HARDEST IN YOUR MIND? 02:16.136 --> 02:17.504 align:left position:10% line:89% size:80% >> DEFINITELY LEARNING LOSS, 02:17.504 --> 02:18.738 align:left position:10% line:89% size:80% KIDS NOT BEING IN THE CLASSROOM, 02:18.738 --> 02:21.074 align:left position:10% line:89% size:80% EVEN DURING THAT SHORT TIME 02:21.074 --> 02:22.342 align:left position:10% line:89% size:80% PERIOD WHEN NOBODY WAS IN REALLY 02:22.342 --> 02:23.276 align:left position:10% line:89% size:80% HAD A BIG EFFECT. 02:23.276 --> 02:27.647 align:left position:10% line:89% size:80% A CHILD EVEN NOT HAVING THEIR 02:27.647 --> 02:28.882 align:left position:10% line:89% size:80% GRADUATION OR PROM CAN HAVE 02:28.882 --> 02:29.782 align:left position:10% line:89% size:80% MENTAL HEALTH IMPACTS. 02:29.782 --> 02:31.751 align:left position:10% line:89% size:80% WE'VE SEEN THAT IN EARLY 02:31.751 --> 02:32.685 align:left position:10% line:89% size:80% STUDIES, AND ESPECIALLY SPECIAL 02:32.685 --> 02:34.420 align:left position:10% line:89% size:80% NEEDS FAMILIES, THEY PROBABLY 02:34.420 --> 02:35.755 align:left position:10% line:89% size:80% HAVE THE HARDEST TIME DURING THE 02:35.755 --> 02:36.789 align:left position:10% line:89% size:80% PANDEMIC, AS THAT LEARNING LOSS 02:36.789 --> 02:38.658 align:left position:10% line:89% size:80% IS GOING TO BE HARDER FOR THEIR 02:38.658 --> 02:40.360 align:left position:10% line:89% size:80% KIDS TO RECOVER MORE THAN 02:40.360 --> 02:41.461 align:left position:10% line:89% size:80% ANYBODY ELSE'S. 02:41.461 --> 02:44.998 align:left position:10% line:89% size:80% >> YEAH, WE HEAR A LOT ABOUT THE 02:44.998 --> 02:48.434 align:left position:10% line:89% size:80% LACK OF ACCESS TO REMOTE 02:48.434 --> 02:48.701 align:left position:10% line:89% size:80% LEARNING. 02:48.701 --> 02:53.907 align:left position:10% line:89% size:80% HAS THAT SHRUNK? 02:53.907 --> 02:56.376 align:left position:10% line:89% size:80% >> YEAH, WELL, LOOK, I THINK 02:56.376 --> 02:57.443 align:left position:12.5% line:89% size:77.5% IT'S SUPER IMPORTANT TO -- AND 02:57.443 --> 02:59.145 align:left position:10% line:89% size:80% I'M A BIG SUPPORTER OF IN-PERSON 02:59.145 --> 02:59.412 align:left position:10% line:89% size:80% EDUCATION. 02:59.412 --> 03:01.548 align:left position:10% line:89% size:80% AND I THINK WE HAVE TO MAKE THAT 03:01.548 --> 03:02.549 align:left position:10% line:89% size:80% WORK. 03:02.549 --> 03:04.751 align:left position:10% line:89% size:80% I DON'T KNOW IF REMOTE LEARNING 03:04.751 --> 03:06.319 align:left position:10% line:89% size:80% MAKES SENSE, ESPECIALLY AS WE'VE 03:06.319 --> 03:09.255 align:left position:10% line:89% size:80% SEEN THIS LAST VARIANT NOT AS 03:09.255 --> 03:11.090 align:left position:10% line:89% size:80% STRENUOUS AS PAST ONES, GOD 03:11.090 --> 03:12.292 align:left position:10% line:89% size:80% WILLING, AND I THINK WE HAVE TO 03:12.292 --> 03:13.793 align:left position:12.5% line:89% size:77.5% CONTINUE TO PUSH FOR IN-PERSON 03:13.793 --> 03:16.062 align:left position:10% line:89% size:80% EDUCATION AS MUCH AS POSSIBLE. 03:16.062 --> 03:19.199 align:left position:10% line:89% size:80% >> SO, IN YOUR MIND, I MEAN, IS 03:19.199 --> 03:21.668 align:left position:10% line:89% size:80% IT SO TERRIBLE THAT WE CAN'T 03:21.668 --> 03:23.269 align:left position:10% line:89% size:80% EVEN, LIKE, SAY THIS WEEKEND, 03:23.269 --> 03:25.138 align:left position:10% line:89% size:80% THERE'S GOING TO BE A BIG 03:25.138 --> 03:25.805 align:left position:10% line:89% size:80% SNOWSTORM, LET'S SAY THAT 03:25.805 --> 03:27.173 align:left position:10% line:89% size:80% HAPPENS IN THE MIDDLE OF THE 03:27.173 --> 03:27.407 align:left position:10% line:89% size:80% WEEK. 03:27.407 --> 03:30.910 align:left position:10% line:89% size:80% ARE WE UNPREPARED ENOUGH TO, 03:30.910 --> 03:32.478 align:left position:10% line:89% size:80% SAY, HAVE A SNOW DAY THAT 03:32.478 --> 03:33.146 align:left position:10% line:89% size:80% HAPPENS TO BE EVERYBODY HOME BUT 03:33.146 --> 03:36.482 align:left position:10% line:89% size:80% STILL IN SCHOOL? 03:36.482 --> 03:38.785 align:left position:10% line:89% size:80% >> YEAH, SO, WE'RE WORKING ON 03:38.785 --> 03:40.720 align:left position:10% line:89% size:80% SOME THINGS RIGHT NOW IN THE 03:40.720 --> 03:41.287 align:left position:10% line:89% size:80% SENATE EDUCATION COMMITTEE 03:41.287 --> 03:42.755 align:left position:10% line:89% size:80% RELATED TO THAT, AND I THINK WE 03:42.755 --> 03:44.257 align:left position:10% line:89% size:80% HAVE TO START BEING CREATIVE NOW 03:44.257 --> 03:46.693 align:left position:10% line:89% size:80% AS IT RELATES TO SNOW DAYS 03:46.693 --> 03:47.460 align:left position:10% line:89% size:80% MOVING FORWARD AFTER THE 03:47.460 --> 03:47.727 align:left position:10% line:89% size:80% PANDEMIC. 03:47.727 --> 03:49.295 align:left position:10% line:89% size:80% I DO ALSO THINK, YOU KNOW, LOOK, 03:49.295 --> 03:51.297 align:left position:10% line:89% size:80% ONE OF EVERYBODY'S POSITIVE 03:51.297 --> 03:53.600 align:left position:10% line:89% size:80% MEMORIES GROWING UP IS THAT SNOW 03:53.600 --> 03:54.467 align:left position:10% line:89% size:80% DAY, AND THAT IS FOR A LOT OF 03:54.467 --> 03:55.902 align:left position:10% line:89% size:80% KIDS, SO I DO THINK IT IS -- 03:55.902 --> 03:57.837 align:left position:12.5% line:89% size:77.5% THERE'S A GOOD THING FOR A KID 03:57.837 --> 03:59.439 align:left position:10% line:89% size:80% TO HAVE A SNOW DAY AND BUNDLE UP 03:59.439 --> 04:00.773 align:left position:10% line:89% size:80% AND GO OUT INTO THE SNOW. 04:00.773 --> 04:03.309 align:left position:10% line:89% size:80% SO IT'S TRYING TO FIND THAT 04:03.309 --> 04:03.543 align:left position:10% line:89% size:80% BALANCE. 04:03.543 --> 04:06.045 align:left position:10% line:89% size:80% >> WE ARE SEEING FUNDAMENTAL 04:06.045 --> 04:09.048 align:left position:10% line:89% size:80% CHANGES IN HOW SCHOOLS DO 04:09.048 --> 04:10.550 align:left position:10% line:89% size:80% BUSINESS, SOME HAVE CANCELED 04:10.550 --> 04:11.384 align:left position:12.5% line:89% size:77.5% MIDTERMS, OTHERS HAVE ADJUSTED 04:11.384 --> 04:12.185 align:left position:10% line:89% size:80% THE WAY THEY'RE EVALUATING KIDS 04:12.185 --> 04:13.987 align:left position:10% line:89% size:80% WITH GRADES. 04:13.987 --> 04:15.388 align:left position:12.5% line:89% size:77.5% IT SEEMS UNREASONABLE TO THINK 04:15.388 --> 04:17.190 align:left position:10% line:89% size:80% THAT WE'RE JUST GOING TO GO BACK 04:17.190 --> 04:19.192 align:left position:10% line:89% size:80% TO NORMAL ONCE EMERGENCY 04:19.192 --> 04:20.994 align:left position:10% line:89% size:80% RESTRICTIONS ARE FINALLY LIFTED, 04:20.994 --> 04:21.561 align:left position:10% line:89% size:80% RIGHT? 04:21.561 --> 04:25.365 align:left position:10% line:89% size:80% NORMAL IS NOT AROUND THE CORNER. 04:25.365 --> 04:26.432 align:left position:10% line:89% size:80% >> THIS, UNFORTUNATELY, IS A 04:26.432 --> 04:27.500 align:left position:10% line:89% size:80% VERSION OF THE NEW NORMAL, AND I 04:27.500 --> 04:28.768 align:left position:10% line:89% size:80% THINK WE HAVE TO FIGURE OUT HOW 04:28.768 --> 04:30.737 align:left position:10% line:89% size:80% TO ADAPT AND DO THE BEST WE CAN. 04:30.737 --> 04:32.872 align:left position:10% line:89% size:80% OUR TEACHERS RIGHT NOW, AND 04:32.872 --> 04:34.207 align:left position:10% line:89% size:80% ADMINISTRATORS, ARE DOING AN 04:34.207 --> 04:35.208 align:left position:10% line:89% size:80% INCREDIBLE JOB UNDER VERY 04:35.208 --> 04:37.210 align:left position:10% line:89% size:80% DIFFICULT CIRCUMSTANCES. 04:37.210 --> 04:40.480 align:left position:12.5% line:89% size:77.5% I CAN'T IMAGINE, YOU KNOW, YOU 04:40.480 --> 04:41.648 align:left position:10% line:89% size:80% HAVE PARENTS THAT ARE SCREAMING 04:41.648 --> 04:44.117 align:left position:10% line:89% size:80% ABOUT MASKS OR DON'T WEAR MASKS 04:44.117 --> 04:46.286 align:left position:10% line:89% size:80% OR ANY OTHER ISSUE. 04:46.286 --> 04:48.488 align:left position:10% line:89% size:80% THESE EDUCATORS, UNDER VERY 04:48.488 --> 04:50.156 align:left position:10% line:89% size:80% DIFFICULT CIRCUMSTANCES, NOTHING 04:50.156 --> 04:52.325 align:left position:10% line:89% size:80% THAT THEY DID WRONG, NO PAY 04:52.325 --> 04:54.294 align:left position:10% line:89% size:80% INCREASE FOR THEM AS THEY'RE 04:54.294 --> 04:55.228 align:left position:10% line:89% size:80% GOING THROUGH THIS, REALLY HAVE 04:55.228 --> 04:56.462 align:left position:10% line:89% size:80% DONE AN INCREDIBLE JOB AND 04:56.462 --> 04:57.730 align:left position:10% line:89% size:80% CONTINUE TO DO THAT. 04:57.730 --> 05:01.000 align:left position:10% line:89% size:80% >> LOT OF STAFF SHORTAGES STILL 05:01.000 --> 05:02.969 align:left position:10% line:89% size:80% BEING REPORTED AROUND THE STATE. 05:02.969 --> 05:09.609 align:left position:10% line:89% size:80% HOW TERRIBLE IS THAT SITUATION? 05:09.609 --> 05:11.344 align:left position:10% line:89% size:80% >> IT'S VERY DIFFICULT, EVEN 05:11.344 --> 05:12.412 align:left position:10% line:89% size:80% FINDING SUBSTITUTE TEACHERS HAS 05:12.412 --> 05:15.281 align:left position:10% line:89% size:80% BEEN DIFFICULT, SO WE HAVE TO DO 05:15.281 --> 05:15.948 align:left position:10% line:89% size:80% A LOT. 05:15.948 --> 05:18.017 align:left position:10% line:89% size:80% I HAD A CALL YESTERDAY WITH THE 05:18.017 --> 05:18.885 align:left position:10% line:89% size:80% CHAIRWOMAN OF THE ASSEMBLY 05:18.885 --> 05:21.921 align:left position:10% line:89% size:80% EDUCATION COMMITTEE, MY 05:21.921 --> 05:24.157 align:left position:10% line:89% size:80% COUNTERPART, AS WELL AS MY 05:24.157 --> 05:24.824 align:left position:10% line:89% size:80% PREDECESSOR, NOW MAJORITY LEADER 05:24.824 --> 05:26.893 align:left position:10% line:89% size:80% RUIZ, AND THEY HAD DONE SOME 05:26.893 --> 05:27.493 align:left position:10% line:89% size:80% REALLY INNOVATIVE STUFF ON 05:27.493 --> 05:28.194 align:left position:10% line:89% size:80% TEACHER RECRUITMENT. 05:28.194 --> 05:30.129 align:left position:10% line:89% size:80% I PLAN TO HAVE SOMETHING OUT 05:30.129 --> 05:31.364 align:left position:12.5% line:89% size:77.5% VERY SHORTLY THAT SPECIFICALLY 05:31.364 --> 05:34.233 align:left position:10% line:89% size:80% LOOKS AT INCREASING TEACHER PAY 05:34.233 --> 05:35.168 align:left position:10% line:89% size:80% AND HOPEFULLY CAN BE A REAL 05:35.168 --> 05:36.936 align:left position:10% line:89% size:80% MODEL HERE AND REALLY WORK ON 05:36.936 --> 05:38.705 align:left position:10% line:89% size:80% RECRUITING A LOT MORE EDUCATORS 05:38.705 --> 05:41.140 align:left position:10% line:89% size:80% TO AN INCREDIBLE PROFESSION. 05:41.140 --> 05:43.509 align:left position:10% line:89% size:80% >> SCHOOL FUNDING IS THAT 05:43.509 --> 05:44.110 align:left position:10% line:89% size:80% 800-POUND GORILLA SITTING OUT 05:44.110 --> 05:45.945 align:left position:10% line:89% size:80% THERE. 05:45.945 --> 05:46.913 align:left position:10% line:89% size:80% I GOT ABOUT A MINUTE. 05:46.913 --> 05:48.448 align:left position:10% line:89% size:80% YOU WANT TO FIX THE SCHOOL 05:48.448 --> 05:52.218 align:left position:10% line:89% size:80% FUNDING FOR ME -- FOR US TODAY? 05:52.218 --> 05:55.555 align:left position:10% line:89% size:80% >> SO, WE GOT A COUPLE THINGS 05:55.555 --> 05:56.189 align:left position:10% line:89% size:80% THAT WE HAVE TO DO. 05:56.189 --> 05:58.558 align:left position:10% line:89% size:80% WE HAVE TO START LOOKING AT HOW 05:58.558 --> 06:01.928 align:left position:10% line:89% size:80% OUR SCHOOLS ARE FUNDED, AND IT'S 06:01.928 --> 06:04.097 align:left position:10% line:89% size:80% FUNDED PRIMARILY ON PROPERTY 06:04.097 --> 06:05.198 align:left position:10% line:89% size:80% TAXES, AND I THINK IT MAKES 06:05.198 --> 06:07.333 align:left position:10% line:89% size:80% SENSE TO START LOOKING AT AN 06:07.333 --> 06:07.967 align:left position:10% line:89% size:80% INCOME TAX FORMULA. 06:07.967 --> 06:10.103 align:left position:10% line:89% size:80% WE ALSO HAVE TO LOOK AT 06:10.103 --> 06:10.937 align:left position:10% line:89% size:80% EXTRAORDINARY SPECIAL EDUCATION 06:10.937 --> 06:11.304 align:left position:10% line:89% size:80% FUNDING. 06:11.304 --> 06:13.339 align:left position:12.5% line:89% size:77.5% WE ALSO HAVE TO LOOK AT SCHOOL 06:13.339 --> 06:14.741 align:left position:10% line:89% size:80% DISTRICT REGIONALIZATION, AND 06:14.741 --> 06:17.009 align:left position:10% line:89% size:80% WE'RE ALSO GOING TO HAVE TO LOOK 06:17.009 --> 06:18.845 align:left position:10% line:89% size:80% AT FIXING THE INFRASTRUCTURE IN 06:18.845 --> 06:21.114 align:left position:10% line:89% size:80% OUR 600-PLUS SCHOOL DISTRICTS. 06:21.114 --> 06:23.416 align:left position:10% line:89% size:80% WE'VE GOT A LOT OF HVAC, 06:23.416 --> 06:25.618 align:left position:10% line:89% size:80% PLUMBING, ELECTRICAL, ROOFING 06:25.618 --> 06:27.787 align:left position:10% line:89% size:80% ISSUES, THOSE ARE ALL SOME OF 06:27.787 --> 06:28.454 align:left position:10% line:89% size:80% THE BIG CHALLENGES AND THEY ALL 06:28.454 --> 06:29.822 align:left position:10% line:89% size:80% RELATE DIRECTLY TO SCHOOL 06:29.822 --> 06:30.056 align:left position:10% line:89% size:80% FUNDING. 06:30.056 --> 06:31.557 align:left position:10% line:89% size:80% >> HOW WOULD AN INCOME TAX MODEL 06:31.557 --> 06:33.526 align:left position:10% line:89% size:80% BE DIFFERENT FROM THE CURRENT 06:33.526 --> 06:33.760 align:left position:10% line:89% size:80% SYSTEM? 06:33.760 --> 06:36.896 align:left position:10% line:89% size:80% I MEAN, OBVIOUSLY, ONE WOULD USE 06:36.896 --> 06:37.997 align:left position:10% line:89% size:80% INCOME TAX AND THE OTHER USES 06:37.997 --> 06:38.631 align:left position:10% line:89% size:80% REAL ESTATE TAXES, BUT WHAT'S 06:38.631 --> 06:41.334 align:left position:10% line:89% size:80% THE NET DIFFERENCE? 06:41.334 --> 06:44.170 align:left position:10% line:89% size:80% WHO'S AFFECTED BY THAT THE MOST? 06:44.170 --> 06:44.937 align:left position:10% line:89% size:80% >> YEAH, WE'RE IN THE EARLY 06:44.937 --> 06:47.840 align:left position:10% line:89% size:80% PROCESS OF LOOKING AT THIS, AND 06:47.840 --> 06:48.975 align:left position:10% line:89% size:80% IT WOULD REALLY HELP PEOPLE WHO 06:48.975 --> 06:49.876 align:left position:10% line:89% size:80% ARE SENIORS AND THOSE WHO ARE ON 06:49.876 --> 06:51.511 align:left position:10% line:89% size:80% A FIXED INCOME, ESPECIALLY THOSE 06:51.511 --> 06:52.612 align:left position:12.5% line:89% size:77.5% WHO NO LONGER HAVE KIDS IN THE 06:52.612 --> 06:54.814 align:left position:10% line:89% size:80% SCHOOL SYSTEM. 06:54.814 --> 06:56.649 align:left position:12.5% line:89% size:77.5% IT WOULD HELP THEM TRY TO STAY 06:56.649 --> 06:58.050 align:left position:10% line:89% size:80% IN NEW JERSEY, NOT MOVE TO 06:58.050 --> 06:59.352 align:left position:10% line:89% size:80% FLORIDA OR THE CAROLINAS, AND 06:59.352 --> 07:01.220 align:left position:10% line:89% size:80% KEEP IT AFFORDABLE FOR THEM. 07:01.220 --> 07:03.256 align:left position:10% line:89% size:80% WE'VE GOT FOLKS, DAVID, WHO ARE 07:03.256 --> 07:06.392 align:left position:10% line:89% size:80% PAYING $12,000 OR $13,000 IN 07:06.392 --> 07:07.026 align:left position:10% line:89% size:80% PROPERTY TAXES ON THE SAME HOUSE 07:07.026 --> 07:09.729 align:left position:10% line:89% size:80% THEY'VE OWNED, AND IT'S VERY, 07:09.729 --> 07:12.198 align:left position:12.5% line:89% size:77.5% VERY UNAFFORDABLE FOR THEM, SO 07:12.198 --> 07:13.399 align:left position:12.5% line:89% size:77.5% LOOKING AT INCOME TAXES, WHICH 07:13.399 --> 07:14.233 align:left position:10% line:89% size:80% WOULD AFFECT THOSE WHO ARE AT 07:14.233 --> 07:15.701 align:left position:12.5% line:89% size:77.5% THE HIGHEST INCOME BRACKETS, I 07:15.701 --> 07:17.170 align:left position:10% line:89% size:80% THINK, MIGHT BE A MORE EFFECTIVE 07:17.170 --> 07:18.905 align:left position:10% line:89% size:80% WAY TO LOOK ON HOW WE PAY OUR 07:18.905 --> 07:19.138 align:left position:10% line:89% size:80% SCHOOLS. 07:19.138 --> 07:20.640 align:left position:10% line:89% size:80% >> I'M RUNNING OUT OF TIME, BUT 07:20.640 --> 07:23.810 align:left position:10% line:89% size:80% I DID WANT TO TALK ABOUT THE 07:23.810 --> 07:25.411 align:left position:12.5% line:89% size:77.5% SCHOOLS DEVELOPMENT AUTHORITY, 07:25.411 --> 07:26.913 align:left position:10% line:89% size:80% BESET BY SCANDAL, BASICALLY OUT 07:26.913 --> 07:27.780 align:left position:10% line:89% size:80% OF MONEY. 07:27.780 --> 07:29.849 align:left position:10% line:89% size:80% WE JUST SAW VOTERS IN HOBOKEN 07:29.849 --> 07:31.851 align:left position:10% line:89% size:80% REJECT A LOCAL EFFORT TO BUILD A 07:31.851 --> 07:34.320 align:left position:10% line:89% size:80% NEW SCHOOL FOR $240 MILLION. 07:34.320 --> 07:35.822 align:left position:10% line:89% size:80% HOW ARE WE GOING TO BUILD NEW 07:35.822 --> 07:36.656 align:left position:10% line:89% size:80% SCHOOLS IN NEW JERSEY? 07:36.656 --> 07:40.793 align:left position:10% line:89% size:80% HOW ARE WE GOING TO PAY FOR 07:40.793 --> 07:40.993 align:left position:10% line:89% size:80% THAT? 07:40.993 --> 07:44.230 align:left position:10% line:89% size:80% >> YEAH, I THINK WE HAVE TO LOOK 07:44.230 --> 07:45.097 align:left position:10% line:89% size:80% AT THE FEDERAL FUNDS. 07:45.097 --> 07:47.400 align:left position:10% line:89% size:80% THE STATE IS SITTING ON 07:47.400 --> 07:48.401 align:left position:10% line:89% size:80% $3.2 BILLION IN FEDERAL FUNDS 07:48.401 --> 07:49.368 align:left position:10% line:89% size:80% RIGHT NOW AND I HAD A 07:49.368 --> 07:50.403 align:left position:10% line:89% size:80% CONVERSATION WITH THE GOVERNOR'S 07:50.403 --> 07:51.537 align:left position:12.5% line:89% size:77.5% CHIEF OF STAFF LAST WEEK ABOUT 07:51.537 --> 07:53.506 align:left position:12.5% line:89% size:77.5% LOOKING AT USING SOME OF THESE 07:53.506 --> 07:56.642 align:left position:12.5% line:89% size:77.5% FUNDS TO UPDATE OUR 600 SCHOOL 07:56.642 --> 07:56.909 align:left position:10% line:89% size:80% DISTRICTS. 07:56.909 --> 07:58.177 align:left position:10% line:89% size:80% THE EXECUTIVE DIRECTOR OF THE 07:58.177 --> 08:00.646 align:left position:10% line:89% size:80% SDA, MANNY DE SILVA, LIVES IN MY 08:00.646 --> 08:00.913 align:left position:10% line:89% size:80% DISTRICT. 08:00.913 --> 08:01.881 align:left position:10% line:89% size:80% I THINK HE'S A GOOD MAN. 08:01.881 --> 08:03.182 align:left position:10% line:89% size:80% I THINK HE'S DOING A GOOD JOB 08:03.182 --> 08:04.217 align:left position:10% line:89% size:80% AND I THINK WE NEED TO TRY TO 08:04.217 --> 08:06.786 align:left position:10% line:89% size:80% WORK WITH HIM TO SEE HOW WE CAN 08:06.786 --> 08:07.086 align:left position:10% line:89% size:80% EMPOWER SDA. 08:07.086 --> 08:08.855 align:left position:10% line:89% size:80% >> STEVE SWEENEY, THE FORMER 08:08.855 --> 08:11.691 align:left position:12.5% line:89% size:77.5% SENATE PRESIDENT, SAID THE SDA 08:11.691 --> 08:12.058 align:left position:10% line:89% size:80% HAD TO GO. 08:12.058 --> 08:15.194 align:left position:10% line:89% size:80% I ASSUME YOU'RE NOT OF THAT 08:15.194 --> 08:15.428 align:left position:10% line:89% size:80% MINDSET. 08:15.428 --> 08:16.162 align:left position:10% line:89% size:80% >> NO. 08:16.162 --> 08:16.395 align:left position:10% line:89% size:80% I'M NOT. 08:16.395 --> 08:18.231 align:left position:10% line:89% size:80% BUT I DO THINK THERE WERE 08:18.231 --> 08:20.666 align:left position:12.5% line:89% size:77.5% CHALLENGES THERE, MAYBE A NAME 08:20.666 --> 08:22.802 align:left position:10% line:89% size:80% CHANGE MAY BE WARRANTED, MAYBE A 08:22.802 --> 08:24.804 align:left position:10% line:89% size:80% REBRANDING EFFORT, BUT I DO 08:24.804 --> 08:26.005 align:left position:10% line:89% size:80% THINK THAT THE CURRENT FOLKS 08:26.005 --> 08:27.907 align:left position:10% line:89% size:80% WORKING AT SDA HAVE DONE A 08:27.907 --> 08:29.809 align:left position:10% line:89% size:80% REALLY GOOD JOB, AT LEAST IN MY 08:29.809 --> 08:30.977 align:left position:10% line:89% size:80% DEALINGS WITH THEM THIS PAST 08:30.977 --> 08:31.177 align:left position:10% line:89% size:80% YEAR. 08:31.177 --> 08:33.513 align:left position:10% line:89% size:80% >> HOW DIFFICULT IS IT GOING TO 08:33.513 --> 08:35.915 align:left position:12.5% line:89% size:77.5% BE TO SUCCEED AT CREATING SOME 08:35.915 --> 08:37.617 align:left position:10% line:89% size:80% SORT OF SCHOOL CONSOLIDATION, 08:37.617 --> 08:38.951 align:left position:10% line:89% size:80% WHICH A LOT OF PEOPLE SAY IS 08:38.951 --> 08:41.454 align:left position:12.5% line:89% size:77.5% GOING TO BE NECESSARY TO BRING 08:41.454 --> 08:43.990 align:left position:10% line:89% size:80% OVERALL COSTS DOWN? 08:43.990 --> 08:46.893 align:left position:10% line:89% size:80% >> YOU KNOW, WE MADE IT 08:46.893 --> 08:49.962 align:left position:12.5% line:89% size:77.5% VOLUNTARY AND I THINK IT NEEDS 08:49.962 --> 08:51.998 align:left position:10% line:89% size:80% TO START BECOMING FORCED IN SOME 08:51.998 --> 08:53.299 align:left position:10% line:89% size:80% EFFORTS, ESPECIALLY AS IT 08:53.299 --> 08:54.333 align:left position:10% line:89% size:80% RELATES TO HEALTHCARE SERVICES, 08:54.333 --> 08:56.235 align:left position:10% line:89% size:80% WASTE MANAGEMENT, SNOW REMOVAL, 08:56.235 --> 08:56.969 align:left position:10% line:89% size:80% I.T., COMMUNICATIONS. 08:56.969 --> 08:58.738 align:left position:10% line:89% size:80% WE CAN'T HAVE 600 DIFFERENT 08:58.738 --> 09:00.806 align:left position:10% line:89% size:80% ENTITIES ALL DOING THEIR OWN 09:00.806 --> 09:01.140 align:left position:10% line:89% size:80% THINGS. 09:01.140 --> 09:03.910 align:left position:10% line:89% size:80% I'VE GOT A REPORT HERE IN ONE 09:03.910 --> 09:05.945 align:left position:10% line:89% size:80% SCHOOL DISTRICT I'M SEEING WHERE 09:05.945 --> 09:06.979 align:left position:10% line:89% size:80% THEIR ADMINISTRATIVE COSTS HAVE 09:06.979 --> 09:08.748 align:left position:10% line:89% size:80% GONE UP MORE THAN 20% IN THE 09:08.748 --> 09:10.316 align:left position:10% line:89% size:80% LAST 5 YEARS WHILE THEIR 09:10.316 --> 09:11.517 align:left position:10% line:89% size:80% ENROLLMENT HAS GONE DOWN. 09:11.517 --> 09:13.019 align:left position:10% line:89% size:80% WE'VE GOT SO MANY DIFFERENT 09:13.019 --> 09:15.288 align:left position:10% line:89% size:80% CHALLENGES, BUT I THINK THAT 09:15.288 --> 09:15.888 align:left position:10% line:89% size:80% CONSOLIDATING SERVICES IS THE 09:15.888 --> 09:18.090 align:left position:10% line:89% size:80% WAY TO GO. 09:18.090 --> 09:18.791 align:left position:10% line:89% size:80% >> I SAVED MY TOUGHEST QUESTION 09:18.791 --> 09:21.661 align:left position:10% line:89% size:80% FOR THE END HERE. 09:21.661 --> 09:24.163 align:left position:10% line:89% size:80% THIS SCHOOL DESEGREGATION SUIT, 09:24.163 --> 09:26.632 align:left position:10% line:89% size:80% IT'S HEADED TO COURT IN MARCH, I 09:26.632 --> 09:28.534 align:left position:10% line:89% size:80% THINK. 09:28.534 --> 09:29.802 align:left position:10% line:89% size:80% IF THE REMEDIES INCLUDE 09:29.802 --> 09:31.837 align:left position:10% line:89% size:80% CONSOLIDATED DISTRICTS OR MAYBE 09:31.837 --> 09:32.838 align:left position:10% line:89% size:80% EVEN BUSSING, HOW DOES THAT 09:32.838 --> 09:35.708 align:left position:10% line:89% size:80% HAPPEN? 09:35.708 --> 09:37.209 align:left position:12.5% line:89% size:77.5% >> YEAH, WE'RE ALL GOING TO BE 09:37.209 --> 09:38.177 align:left position:10% line:89% size:80% WATCHING THAT CAREFULLY. 09:38.177 --> 09:39.946 align:left position:10% line:89% size:80% IT'S WITHOUT A DOUBT, NEW JERSEY 09:39.946 --> 09:42.248 align:left position:10% line:89% size:80% HAS A BIG CHALLENGE AS IT COMES 09:42.248 --> 09:42.848 align:left position:10% line:89% size:80% TO SEGREGATED SCHOOLS. 09:42.848 --> 09:45.685 align:left position:10% line:89% size:80% WE SEE IT ACROSS OUR 565 TOWNS, 09:45.685 --> 09:47.119 align:left position:10% line:89% size:80% AND I THINK THIS IS AN ISSUE 09:47.119 --> 09:48.955 align:left position:10% line:89% size:80% THAT THE NEW JERSEY LEGISLATURE 09:48.955 --> 09:50.923 align:left position:10% line:89% size:80% NEEDS TO FACE OUTSIDE OF THIS 09:50.923 --> 09:51.724 align:left position:10% line:89% size:80% FEDERAL LAWSUIT THAT'S IN FRONT 09:51.724 --> 09:53.025 align:left position:10% line:89% size:80% OF US. 09:53.025 --> 09:54.727 align:left position:10% line:89% size:80% SO, THIS IS SOMETHING WE HAVE TO 09:54.727 --> 09:55.261 align:left position:10% line:89% size:80% DEAL WITH. 09:55.261 --> 09:56.796 align:left position:10% line:89% size:80% WE ARE THE MOST DIVERSE STATE IN 09:56.796 --> 09:58.798 align:left position:12.5% line:89% size:77.5% THE COUNTRY, AND WE SHOULD NOT 09:58.798 --> 10:00.833 align:left position:10% line:89% size:80% HAVE SOME OF THE MOST SEGREGATED 10:00.833 --> 10:01.067 align:left position:10% line:89% size:80% SCHOOLS. 10:01.067 --> 10:03.369 align:left position:12.5% line:89% size:77.5% >> ALL RIGHT, VIN GOPAL IS THE 10:03.369 --> 10:04.971 align:left position:10% line:89% size:80% NEW CHAIRMAN OF THE SENATE 10:04.971 --> 10:05.571 align:left position:10% line:89% size:80% EDUCATION COMMITTEE. 10:05.571 --> 10:06.672 align:left position:10% line:89% size:80% SENATOR, GOOD TO SEE YOU, MAN. 10:06.672 --> 10:08.474 align:left position:10% line:89% size:80% THANKS FOR JOINING US. 10:08.474 --> 10:08.941 align:left position:10% line:89% size:80% >> THANK YOU SO MUCH. 10:08.941 --> 10:10.076 align:left position:10% line:89% size:80% GOOD TO SEE YOU, DAVID. 10:10.076 --> 10:13.145 align:left position:10% line:89% size:80% >> ALL RIGHT, LET'S BRING IN OUR 10:13.145 --> 10:17.617 align:left position:10% line:89% size:80% PANEL OF JOURNALISTIC SMARTIES. 10:17.617 --> 10:20.853 align:left position:10% line:89% size:80% STACIE SHERMAN, KATHERINE 10:20.853 --> 10:23.089 align:left position:10% line:89% size:80% LANDERGAN AND JOHN. 10:23.089 --> 10:24.523 align:left position:10% line:89% size:80% JUST HEARING SENATOR GOPAL TALK 10:24.523 --> 10:25.825 align:left position:10% line:89% size:80% ABOUT THE SCHOOL FUNDING FORMULA 10:25.825 --> 10:27.159 align:left position:10% line:89% size:80% AND THE SDA, WE'RE TALKING ABOUT 10:27.159 --> 10:29.562 align:left position:10% line:89% size:80% BILLIONS OF DOLLARS AT STAKE 10:29.562 --> 10:29.762 align:left position:10% line:89% size:80% HERE. 10:29.762 --> 10:31.197 align:left position:10% line:89% size:80% WHAT'D YOU THINK OF GOPAL'S 10:31.197 --> 10:33.232 align:left position:10% line:89% size:80% ANSWERS? 10:33.232 --> 10:34.567 align:left position:10% line:89% size:80% >> I MEAN, I THINK, YOU KNOW, HE 10:34.567 --> 10:38.170 align:left position:10% line:89% size:80% HAS A LOT OF DIFFERENT, FRESH 10:38.170 --> 10:39.572 align:left position:10% line:89% size:80% IDEAS, BUT IT'S STILL EARLY, 10:39.572 --> 10:39.772 align:left position:10% line:89% size:80% RIGHT? 10:39.772 --> 10:42.842 align:left position:10% line:89% size:80% I MEAN, HE JUST TOOK THE JOB 10:42.842 --> 10:44.110 align:left position:12.5% line:89% size:77.5% OVER FROM TERESA RUIZ, AND YOU 10:44.110 --> 10:46.345 align:left position:10% line:89% size:80% KNOW, IT'S GOING TO TAKE A 10:46.345 --> 10:47.847 align:left position:12.5% line:89% size:77.5% LITTLE WHILE FOR HIM TO FIGURE 10:47.847 --> 10:50.282 align:left position:10% line:89% size:80% OUT AND FLESH OUT HIS AGENDA AND 10:50.282 --> 10:52.051 align:left position:10% line:89% size:80% KIND OF DO IT UNDER THE 10:52.051 --> 10:54.320 align:left position:10% line:89% size:80% DIRECTION OF RUIZ AND I'M 10:54.320 --> 10:55.254 align:left position:10% line:89% size:80% INTERESTED TO SEE HOW THEY'LL 10:55.254 --> 10:57.289 align:left position:10% line:89% size:80% WORK TOGETHER AND HOW THAT 10:57.289 --> 10:57.757 align:left position:10% line:89% size:80% DYNAMIC WILL PLAY OUT. 10:57.757 --> 11:00.359 align:left position:10% line:89% size:80% >> STACIE, I FEEL LIKE THERE 11:00.359 --> 11:01.494 align:left position:10% line:89% size:80% WERE BILLIONS OF DOLLARS FLYING 11:01.494 --> 11:03.429 align:left position:10% line:89% size:80% AROUND THE STATE FROM THE 11:03.429 --> 11:04.730 align:left position:10% line:89% size:80% FEDERAL GOVERNMENT. 11:04.730 --> 11:06.465 align:left position:10% line:89% size:80% NONE OF THAT APPEARED TO BE FOR 11:06.465 --> 11:09.035 align:left position:10% line:89% size:80% SCHOOL BUILDINGS. 11:09.035 --> 11:09.669 align:left position:10% line:89% size:80% IS THE STATE GOING TO HAVE TO GO 11:09.669 --> 11:11.570 align:left position:10% line:89% size:80% BORROW MONEY FOR SCHOOLS NOW? 11:11.570 --> 11:12.405 align:left position:10% line:89% size:80% LET ME REPHRASE THAT. 11:12.405 --> 11:16.876 align:left position:10% line:89% size:80% THE STATE IS GOING TO HAVE TO GO 11:16.876 --> 11:17.476 align:left position:10% line:89% size:80% BORROW MONEY FOR SCHOOLS NOW, 11:17.476 --> 11:19.111 align:left position:10% line:89% size:80% RIGHT? 11:19.111 --> 11:21.981 align:left position:10% line:89% size:80% >> IT'S VERY POSSIBLE. 11:21.981 --> 11:22.948 align:left position:12.5% line:89% size:77.5% THEY DON'T HAVE JUST BILLIONS, 11:22.948 --> 11:24.383 align:left position:10% line:89% size:80% YOU KNOW, FOR SCHOOL 11:24.383 --> 11:26.752 align:left position:10% line:89% size:80% CONSTRUCTION AND SCHOOLS ARE IN 11:26.752 --> 11:31.223 align:left position:10% line:89% size:80% DIRE NEED OF REPAIR AND LOCAL 11:31.223 --> 11:32.591 align:left position:10% line:89% size:80% RESIDENTS AREN'T WILLING TO HAVE 11:32.591 --> 11:35.194 align:left position:12.5% line:89% size:77.5% THEIR TAXES, THEIR LOCAL TAXES 11:35.194 --> 11:36.829 align:left position:10% line:89% size:80% INCREASE TO PAY FOR IT AS WE 11:36.829 --> 11:39.031 align:left position:10% line:89% size:80% JUST SAW THIS WEEK IN HOBOKEN 11:39.031 --> 11:43.235 align:left position:10% line:89% size:80% WHERE THEY SHOT DOWN A 11:43.235 --> 11:44.103 align:left position:10% line:89% size:80% $241 MILLION BOND PROPOSAL THAT 11:44.103 --> 11:47.606 align:left position:10% line:89% size:80% WOULD HAVE BEEN ENTIRELY FUNDED 11:47.606 --> 11:47.940 align:left position:10% line:89% size:80% BY TAXPAYERS. 11:47.940 --> 11:49.642 align:left position:12.5% line:89% size:77.5% SO, THE -- I THINK THE FEDERAL 11:49.642 --> 11:50.543 align:left position:10% line:89% size:80% AND THE STATE GOVERNMENTS ARE 11:50.543 --> 11:52.912 align:left position:10% line:89% size:80% GOING TO HAVE TO STEP IN AND 11:52.912 --> 11:53.379 align:left position:10% line:89% size:80% SPEND MONEY. 11:53.379 --> 11:57.550 align:left position:10% line:89% size:80% >> I MEAN, THAT SCHOOL IN 11:57.550 --> 11:58.417 align:left position:10% line:89% size:80% HOBOKEN, THAT'S JUST DOWN THE 11:58.417 --> 12:00.953 align:left position:10% line:89% size:80% ROAD FROM ME, SOUNDED LIKE WHAT 12:00.953 --> 12:03.089 align:left position:10% line:89% size:80% CORY BOOKER USED TO CALL 12:03.089 --> 12:04.156 align:left position:10% line:89% size:80% CATHEDRALS OF LEARNING WITH, YOU 12:04.156 --> 12:06.759 align:left position:12.5% line:89% size:77.5% KNOW, TWO SWIMMING POOLS, LABS 12:06.759 --> 12:09.228 align:left position:10% line:89% size:80% AND ALL OF THAT. 12:09.228 --> 12:11.630 align:left position:10% line:89% size:80% YOU KNOW, $200 MILLION SCHOOLS, 12:11.630 --> 12:12.932 align:left position:10% line:89% size:80% IF EVERYBODY WANTS A 12:12.932 --> 12:13.933 align:left position:10% line:89% size:80% $200 MILLION SCHOOL, HOW ARE WE 12:13.933 --> 12:17.970 align:left position:10% line:89% size:80% GOING TO BE ABLE TO AFFORD THAT, 12:17.970 --> 12:18.204 align:left position:10% line:89% size:80% STACIE? 12:18.204 --> 12:22.274 align:left position:10% line:89% size:80% >> WELL, HOBOKEN IS A UNIQUE 12:22.274 --> 12:22.475 align:left position:10% line:89% size:80% ISSUE. 12:22.475 --> 12:27.179 align:left position:12.5% line:89% size:77.5% I MEAN, THEY'RE TRYING TO LURE 12:27.179 --> 12:28.647 align:left position:10% line:89% size:80% AND KEEP THE WEALTHY FAMILIES 12:28.647 --> 12:30.349 align:left position:12.5% line:89% size:77.5% THAT ARE SENDING THEIR KIDS TO 12:30.349 --> 12:31.450 align:left position:10% line:89% size:80% CHARTER SCHOOLS AND PRIVATE 12:31.450 --> 12:31.684 align:left position:10% line:89% size:80% SCHOOLS. 12:31.684 --> 12:32.952 align:left position:10% line:89% size:80% THEY WANT THEM GOING TO THE 12:32.952 --> 12:33.352 align:left position:10% line:89% size:80% PUBLIC SCHOOLS. 12:33.352 --> 12:35.287 align:left position:10% line:89% size:80% SO, THERE'S A BALANCE, AND SO 12:35.287 --> 12:37.323 align:left position:10% line:89% size:80% THIS IS WHAT THEY'VE BEEN TRYING 12:37.323 --> 12:38.824 align:left position:10% line:89% size:80% TO DO IS OFFER AMENITIES LIKE 12:38.824 --> 12:43.162 align:left position:10% line:89% size:80% THIS IN ORDER TO GET THE KIDS 12:43.162 --> 12:44.530 align:left position:10% line:89% size:80% BACK INTO THE PUBLIC SCHOOL 12:44.530 --> 12:46.432 align:left position:12.5% line:89% size:77.5% SYSTEM AND SHOW THEM THAT THEY 12:46.432 --> 12:47.700 align:left position:10% line:89% size:80% CAN GET EVERYTHING FROM A 12:47.700 --> 12:49.502 align:left position:10% line:89% size:80% PRIVATE SCHOOL AT A PUBLIC 12:49.502 --> 12:49.735 align:left position:10% line:89% size:80% SCHOOL. 12:49.735 --> 12:51.871 align:left position:10% line:89% size:80% SO, YOU SEE BOTH POINTS AS A 12:51.871 --> 12:53.372 align:left position:12.5% line:89% size:77.5% BALANCE THAT THEY'RE TRYING TO 12:53.372 --> 12:56.942 align:left position:10% line:89% size:80% STRIKE, AND THIS JUST WAS NOT 12:56.942 --> 12:57.977 align:left position:10% line:89% size:80% PALATABLE FOR VOTERS. 12:57.977 --> 12:59.845 align:left position:10% line:89% size:80% >> THIS REMINDS ME, WATCHING 12:59.845 --> 13:01.947 align:left position:12.5% line:89% size:77.5% THIS B ROLL, REMINDS ME OF HOW 13:01.947 --> 13:05.017 align:left position:10% line:89% size:80% PEOPLE WALK FUNNY IN COMPUTER 13:05.017 --> 13:05.317 align:left position:10% line:89% size:80% ANIMATIONS. 13:05.317 --> 13:08.621 align:left position:10% line:89% size:80% SO, I WANT TO SPEND SOME TIME 13:08.621 --> 13:09.922 align:left position:10% line:89% size:80% TALKING ABOUT BUDGETS AND THE 13:09.922 --> 13:11.457 align:left position:10% line:89% size:80% ECONOMY. 13:11.457 --> 13:13.092 align:left position:12.5% line:89% size:77.5% JOHN, IT'S BEGINNING TO LOOK A 13:13.092 --> 13:15.561 align:left position:10% line:89% size:80% LOT LIKE BUDGET SEASON. 13:15.561 --> 13:16.595 align:left position:10% line:89% size:80% THE GOVERNOR'S ANNUAL BUDGET 13:16.595 --> 13:19.031 align:left position:10% line:89% size:80% ADDRESS IS COMING IN JUST A FEW 13:19.031 --> 13:19.231 align:left position:10% line:89% size:80% WEEKS. 13:19.231 --> 13:20.166 align:left position:12.5% line:89% size:77.5% WHAT ARE SOME OF THE THINGS WE 13:20.166 --> 13:24.870 align:left position:10% line:89% size:80% SHOULD BE PAYING ATTENTION TO? 13:24.870 --> 13:26.472 align:left position:10% line:89% size:80% >> YOU KNOW, THIS YEAR, I THINK 13:26.472 --> 13:27.807 align:left position:10% line:89% size:80% THE CLOSEST -- WE'RE ALL 13:27.807 --> 13:29.608 align:left position:10% line:89% size:80% WATCHING REVENUES BECAUSE AS 13:29.608 --> 13:34.380 align:left position:10% line:89% size:80% REVENUES GO, SO GOES SPENDING 13:34.380 --> 13:35.981 align:left position:10% line:89% size:80% AND SO ONE OF THE BIG THINGS IS 13:35.981 --> 13:38.751 align:left position:12.5% line:89% size:77.5% THE BUDGET'S HAD A LOT OF TAIL 13:38.751 --> 13:39.885 align:left position:10% line:89% size:80% WIND OVER THE FIRST HALF OF THE 13:39.885 --> 13:41.587 align:left position:10% line:89% size:80% FISCAL YEAR AND THAT USUALLY 13:41.587 --> 13:43.355 align:left position:10% line:89% size:80% MEANS WE'RE IN GOOD SHAPE FOR 13:43.355 --> 13:44.290 align:left position:12.5% line:89% size:77.5% THE SECOND HALF BUT MORE MONEY 13:44.290 --> 13:45.558 align:left position:10% line:89% size:80% GETS COLLECTED IN THE SECOND 13:45.558 --> 13:47.793 align:left position:10% line:89% size:80% HALF SO WE HAVE A LONG WAY TO GO 13:47.793 --> 13:50.863 align:left position:10% line:89% size:80% STILL AND YOU KNOW, I THINK THE 13:50.863 --> 13:52.965 align:left position:10% line:89% size:80% KEY WILL BE WHERE THEY FORESEE, 13:52.965 --> 13:54.200 align:left position:10% line:89% size:80% BECAUSE REMEMBER, THIS FISCAL 13:54.200 --> 13:55.501 align:left position:10% line:89% size:80% YEAR STARTS IN JULY AND GOES ALL 13:55.501 --> 13:57.269 align:left position:10% line:89% size:80% THE WAY TO THE END OF NEXT JUNE. 13:57.269 --> 13:58.938 align:left position:10% line:89% size:80% SO THEY HAVE TO KIND OF PUT OUT 13:58.938 --> 14:02.675 align:left position:12.5% line:89% size:77.5% THE CRYSTAL BALL AND SEE WHERE 14:02.675 --> 14:04.543 align:left position:12.5% line:89% size:77.5% THE ECONOMY'S GOING TO GO, ALL 14:04.543 --> 14:05.344 align:left position:10% line:89% size:80% THE WAY OUT, MORE THAN 12 MONTHS 14:05.344 --> 14:06.946 align:left position:10% line:89% size:80% FROM NOW EVEN. 14:06.946 --> 14:09.014 align:left position:12.5% line:89% size:77.5% AND SO THAT'S A DIFFICULT TASK 14:09.014 --> 14:12.351 align:left position:10% line:89% size:80% COMING OUT OF A PANDEMIC. 14:12.351 --> 14:15.588 align:left position:10% line:89% size:80% IT'S BEEN A REALLY SWIFT 14:15.588 --> 14:17.556 align:left position:10% line:89% size:80% RECOVERY IN SOME WAYS BECAUSE OF 14:17.556 --> 14:18.591 align:left position:10% line:89% size:80% ALL THE FEDERAL INTERVENTION AND 14:18.591 --> 14:20.059 align:left position:10% line:89% size:80% NEW JERSEY STILL HAS LIKE 14:20.059 --> 14:22.928 align:left position:12.5% line:89% size:77.5% $3 BILLION IN FEDERAL MONEY TO 14:22.928 --> 14:24.597 align:left position:10% line:89% size:80% SPEND, EVEN AFTER ALREADY 14:24.597 --> 14:26.498 align:left position:10% line:89% size:80% SPENDING ABOUT $3 BILLION, SO 14:26.498 --> 14:27.800 align:left position:10% line:89% size:80% AWASH IN REVENUE RIGHT NOW, BUT 14:27.800 --> 14:30.402 align:left position:10% line:89% size:80% THE TRICK IS FIGURING OUT WHERE 14:30.402 --> 14:31.670 align:left position:12.5% line:89% size:77.5% IT'S GOING TO BE AT THE END OF 14:31.670 --> 14:32.738 align:left position:10% line:89% size:80% THE FISCAL YEAR THAT DOESN'T 14:32.738 --> 14:33.806 align:left position:10% line:89% size:80% START UNTIL JULY, AND SO THAT'S 14:33.806 --> 14:35.140 align:left position:10% line:89% size:80% THE TRICKY THING. 14:35.140 --> 14:36.742 align:left position:12.5% line:89% size:77.5% THE CURRENT BUDGET IS BALANCED 14:36.742 --> 14:38.277 align:left position:10% line:89% size:80% WITH SURPLUS, BASICALLY, BUDGET 14:38.277 --> 14:40.079 align:left position:10% line:89% size:80% RESERVES WERE USED TO BALANCE 14:40.079 --> 14:41.013 align:left position:10% line:89% size:80% THE CURRENT BUDGET. 14:41.013 --> 14:44.350 align:left position:10% line:89% size:80% YOU CAN'T DO THAT EVERY YEAR OR 14:44.350 --> 14:46.819 align:left position:10% line:89% size:80% YOU RUN OUT OF SURPLUS, AND YOU 14:46.819 --> 14:48.420 align:left position:12.5% line:89% size:77.5% NEED A SURPLUS, SO THAT'S SORT 14:48.420 --> 14:49.154 align:left position:10% line:89% size:80% OF THE BIGGEST THING TO LOOK AT 14:49.154 --> 14:51.857 align:left position:10% line:89% size:80% AND THEN, YOU KNOW, WHAT DO THE 14:51.857 --> 14:53.626 align:left position:12.5% line:89% size:77.5% GOVERNOR AND LAWMAKERS PROPOSE 14:53.626 --> 14:55.060 align:left position:12.5% line:89% size:77.5% AS SOMETHING NEW, IF ANYTHING, 14:55.060 --> 14:56.762 align:left position:10% line:89% size:80% IN RESPONSE TO THIS ELECTION 14:56.762 --> 14:59.798 align:left position:10% line:89% size:80% WHERE EVERYBODY SAID, YOU KNOW, 14:59.798 --> 15:01.500 align:left position:10% line:89% size:80% NEW JERSEY'S NOT AFFORDABLE, AND 15:01.500 --> 15:04.069 align:left position:10% line:89% size:80% SO ANY NEW, SHINY TAX RELIEF 15:04.069 --> 15:05.571 align:left position:10% line:89% size:80% MEASURE THAT GETS ROLLED OUT TO 15:05.571 --> 15:07.039 align:left position:10% line:89% size:80% TRY AND ADDRESS THAT 15:07.039 --> 15:07.673 align:left position:10% line:89% size:80% AFFORDABILITY ISSUE, I MEAN, 15:07.673 --> 15:11.577 align:left position:12.5% line:89% size:77.5% LAST YEAR, THEY DID UP TO $500 15:11.577 --> 15:13.479 align:left position:10% line:89% size:80% TAX REBATES, LITERALLY SENT 15:13.479 --> 15:14.747 align:left position:10% line:89% size:80% CHECKS TO PEOPLE, AND THAT 15:14.747 --> 15:16.081 align:left position:10% line:89% size:80% DIDN'T SEEM TO MOVE THE NEEDLE, 15:16.081 --> 15:16.882 align:left position:10% line:89% size:80% SO THAT'S ANOTHER THING I THINK 15:16.882 --> 15:19.485 align:left position:10% line:89% size:80% THAT WILL BE INTERESTING TO SEE. 15:19.485 --> 15:21.620 align:left position:10% line:89% size:80% >> YEAH, AND HOW IT IMPACTS THE 15:21.620 --> 15:22.922 align:left position:10% line:89% size:80% BUDGET, RIGHT? 15:22.922 --> 15:24.056 align:left position:10% line:89% size:80% BECAUSE IF AFFORDABILITY IS NOT 15:24.056 --> 15:26.959 align:left position:10% line:89% size:80% GOING TO COME FROM THE STORE 15:26.959 --> 15:29.094 align:left position:10% line:89% size:80% DOWN THE BLOCK, YOU KNOW, 15:29.094 --> 15:34.033 align:left position:10% line:89% size:80% LOWERING ITS PRICE FOR A BGLOCK 15:34.033 --> 15:34.266 align:left position:10% line:89% size:80% OF MILK. 15:34.266 --> 15:35.067 align:left position:10% line:89% size:80% AFFORDABILITY MEANS MY TAXES, 15:35.067 --> 15:36.001 align:left position:10% line:89% size:80% THE COST OF TRANSPORTATION, 15:36.001 --> 15:36.402 align:left position:10% line:89% size:80% ET CETERA, RIGHT? 15:36.402 --> 15:37.436 align:left position:10% line:89% size:80% >> I THINK IT'S ALL OF THOSE 15:37.436 --> 15:38.837 align:left position:10% line:89% size:80% THINGS, TO BE HONEST, AND I 15:38.837 --> 15:41.607 align:left position:12.5% line:89% size:77.5% THINK TAXES, OBVIOUSLY, PLAY A 15:41.607 --> 15:43.609 align:left position:10% line:89% size:80% BIG ROLE, AND MAYBE PEOPLE FEEL 15:43.609 --> 15:44.543 align:left position:10% line:89% size:80% LIKE THEY CAN INFLUENCE THAT 15:44.543 --> 15:45.444 align:left position:10% line:89% size:80% BECAUSE THEY CAN VOTE PEOPLE OUT 15:45.444 --> 15:46.612 align:left position:10% line:89% size:80% OF OFFICE OR, YOU KNOW, AS WE 15:46.612 --> 15:48.647 align:left position:12.5% line:89% size:77.5% JUST SAW, THE SENATE PRESIDENT 15:48.647 --> 15:50.249 align:left position:10% line:89% size:80% LOST HIS SEAT IN THIS MOST 15:50.249 --> 15:51.817 align:left position:10% line:89% size:80% RECENT ELECTION. 15:51.817 --> 15:58.090 align:left position:10% line:89% size:80% AND SO, MAYBE ONE OF THE THINGS 15:58.090 --> 15:59.825 align:left position:10% line:89% size:80% THAT'S EASIEST TO DO BUT MORE 15:59.825 --> 16:02.761 align:left position:10% line:89% size:80% THAN TEN YEARS AGO, JOHN CORZINE 16:02.761 --> 16:04.129 align:left position:10% line:89% size:80% CAME UP WITH PROPERTY TAX 16:04.129 --> 16:05.731 align:left position:10% line:89% size:80% REBATES AND HE GOT VOTED OUT OF 16:05.731 --> 16:08.534 align:left position:12.5% line:89% size:77.5% OFFICE SO IT'S ALWAYS A TRICKY 16:08.534 --> 16:10.135 align:left position:10% line:89% size:80% THING, AND YOU KNOW, WE'LL HAVE 16:10.135 --> 16:11.737 align:left position:10% line:89% size:80% TO SEE WHAT -- IF THERE IS A 16:11.737 --> 16:13.839 align:left position:12.5% line:89% size:77.5% SHINY NEW OBJECT OR IF THERE'S 16:13.839 --> 16:16.141 align:left position:12.5% line:89% size:77.5% SOME OTHER WAY THAT PEOPLE CAN 16:16.141 --> 16:16.909 align:left position:10% line:89% size:80% FEEL LIKE EITHER THEY'RE GETTING 16:16.909 --> 16:18.711 align:left position:10% line:89% size:80% A BREAK OR GETTING A GOOD DEAL. 16:18.711 --> 16:19.678 align:left position:10% line:89% size:80% >> RIGHT, AND IT'S ALL GOING TO 16:19.678 --> 16:23.682 align:left position:10% line:89% size:80% RUN THROUGH THE STATE BANK. 16:23.682 --> 16:24.650 align:left position:10% line:89% size:80% KATHERINE, IS THE PROCESS -- THE 16:24.650 --> 16:27.419 align:left position:12.5% line:89% size:77.5% BUDGET PROCESS GOING TO BE ANY 16:27.419 --> 16:27.987 align:left position:10% line:89% size:80% DIFFERENT THIS YEAR? 16:27.987 --> 16:30.222 align:left position:10% line:89% size:80% MOST OF THE HEARINGS WERE 16:30.222 --> 16:31.290 align:left position:10% line:89% size:80% VIRTUAL LAST GO ROUND. 16:31.290 --> 16:33.692 align:left position:10% line:89% size:80% WILL WE BE SEEING FUNDING 16:33.692 --> 16:34.259 align:left position:10% line:89% size:80% PITCHES IN-PERSON THIS TIME 16:34.259 --> 16:36.862 align:left position:10% line:89% size:80% AROUND? 16:36.862 --> 16:38.297 align:left position:10% line:89% size:80% >> WE DON'T HAVE THE SCHEDULE 16:38.297 --> 16:40.599 align:left position:10% line:89% size:80% YET, BUT I WOULD IMAGINE THAT 16:40.599 --> 16:44.436 align:left position:10% line:89% size:80% YES, IT WILL BE MORE IN-PERSON. 16:44.436 --> 16:45.537 align:left position:10% line:89% size:80% I THINK THE ONE THING TO REALLY 16:45.537 --> 16:46.905 align:left position:10% line:89% size:80% WATCH IN TERMS OF THIS BUDGET 16:46.905 --> 16:49.375 align:left position:10% line:89% size:80% PROCESS IS I RECENTLY SPOKE WITH 16:49.375 --> 16:53.012 align:left position:10% line:89% size:80% THE NEW SENATE PRESIDENT, 16:53.012 --> 16:54.847 align:left position:10% line:89% size:80% SENATOR SCUTARI AND HE HAS 16:54.847 --> 16:56.015 align:left position:10% line:89% size:80% INDICATED THAT HE WOULD LIKE TO 16:56.015 --> 16:57.082 align:left position:10% line:89% size:80% TRY TO NOT HAVE A RUSH AT THE 16:57.082 --> 16:59.118 align:left position:10% line:89% size:80% END OF THINGS, AND SO IF HE'S 16:59.118 --> 17:00.819 align:left position:10% line:89% size:80% ABLE TO ACCOMPLISH THAT,LIKE AT 17:00.819 --> 17:04.189 align:left position:10% line:89% size:80% THE END OF BUDGET SEASON, THERE 17:04.189 --> 17:05.057 align:left position:10% line:89% size:80% ISN'T THIS MAD DASH TO NEGOTIATE 17:05.057 --> 17:07.926 align:left position:10% line:89% size:80% AND PASS BILLS, THAT WOULD BE A 17:07.926 --> 17:11.730 align:left position:10% line:89% size:80% MASSIVE SHIFT IN WHAT WE'VE SEEN 17:11.730 --> 17:12.031 align:left position:10% line:89% size:80% IN TRENTON. 17:12.031 --> 17:13.399 align:left position:10% line:89% size:80% >> DO WE KNOW WHERE ALL THE 17:13.399 --> 17:13.832 align:left position:10% line:89% size:80% MONEY'S GONE? 17:13.832 --> 17:18.504 align:left position:10% line:89% size:80% I MEAN, THERE'S $3.2 BILLION 17:18.504 --> 17:18.837 align:left position:10% line:89% size:80% LYING AROUND. 17:18.837 --> 17:21.573 align:left position:12.5% line:89% size:77.5% HAS A LOT OF IT BEEN SPENT, OR 17:21.573 --> 17:22.074 align:left position:10% line:89% size:80% IS IT JUST WAITING FOR 17:22.074 --> 17:24.243 align:left position:10% line:89% size:80% GUIDELINES FOR USE? 17:24.243 --> 17:26.545 align:left position:10% line:89% size:80% >> IN TERMS OF THE FEDERAL 17:26.545 --> 17:26.979 align:left position:10% line:89% size:80% FUNDS? 17:26.979 --> 17:28.380 align:left position:10% line:89% size:80% >> THE FEDERAL MONEY, YEAH. 17:28.380 --> 17:29.348 align:left position:10% line:89% size:80% >> YEAH, I MEAN, I THINK IT'S 17:29.348 --> 17:31.817 align:left position:10% line:89% size:80% STILL A LOT OF IT HAS YET TO BE 17:31.817 --> 17:32.084 align:left position:10% line:89% size:80% SPENT. 17:32.084 --> 17:33.085 align:left position:10% line:89% size:80% AND SO THAT IS DEFINITELY 17:33.085 --> 17:35.187 align:left position:12.5% line:89% size:77.5% SOMETHING THAT'S GOING TO -- I 17:35.187 --> 17:35.954 align:left position:10% line:89% size:80% MEAN, A GOOD PORTION HAS BEEN 17:35.954 --> 17:37.790 align:left position:10% line:89% size:80% SPENT BUT THERE'S STILL MONEY 17:37.790 --> 17:38.791 align:left position:10% line:89% size:80% REMAINING, AND SO THAT'S 17:38.791 --> 17:39.391 align:left position:10% line:89% size:80% DEFINITELY SOMETHING THAT'S 17:39.391 --> 17:40.993 align:left position:10% line:89% size:80% GOING TO BE HASHED OUT. 17:40.993 --> 17:42.895 align:left position:12.5% line:89% size:77.5% >> IF THAT FEDERAL MONEY'S NOT 17:42.895 --> 17:43.662 align:left position:10% line:89% size:80% AROUND, THE GOVERNOR'S GOING TO 17:43.662 --> 17:45.697 align:left position:10% line:89% size:80% HAVE TO LOOK FOR SOME PLACE ELSE 17:45.697 --> 17:48.901 align:left position:10% line:89% size:80% TO GET MONEY, BUT HE SAYS NO NEW 17:48.901 --> 17:49.101 align:left position:10% line:89% size:80% TAXES. 17:49.101 --> 17:50.769 align:left position:10% line:89% size:80% THAT KIND OF DEPENDS ON THE 17:50.769 --> 17:52.237 align:left position:10% line:89% size:80% ROBUST ECONOMY, I THINK. 17:52.237 --> 17:55.240 align:left position:12.5% line:89% size:77.5% DO WE HAVE ONE OF THOSE IN NEW 17:55.240 --> 17:57.276 align:left position:10% line:89% size:80% JERSEY, STACIE? 17:57.276 --> 17:58.744 align:left position:10% line:89% size:80% A ROBUST ECONOMY? 17:58.744 --> 17:59.912 align:left position:10% line:89% size:80% >> WE ARE DEFINITELY DOING 17:59.912 --> 18:02.181 align:left position:10% line:89% size:80% BETTER THAN WE DID LAST YEAR. 18:02.181 --> 18:03.916 align:left position:10% line:89% size:80% A YEAR AGO, I WOULD SAY. 18:03.916 --> 18:07.686 align:left position:10% line:89% size:80% WE ARE ON OUR WAY UP. 18:07.686 --> 18:11.123 align:left position:10% line:89% size:80% IT'S JUST HOW QUICKLY WE GET 18:11.123 --> 18:11.323 align:left position:10% line:89% size:80% THERE. 18:11.323 --> 18:12.191 align:left position:10% line:89% size:80% OUR UNEMPLOYMENT RATE HAS 18:12.191 --> 18:14.326 align:left position:10% line:89% size:80% IMPROVED FROM A YEAR AGO, AND 18:14.326 --> 18:16.462 align:left position:12.5% line:89% size:77.5% THERE'S MORE JOBS, BUT I THINK 18:16.462 --> 18:18.330 align:left position:10% line:89% size:80% WE'VE STILL -- WE HAVEN'T GOTTEN 18:18.330 --> 18:18.964 align:left position:10% line:89% size:80% TO THE POINT WE WERE 18:18.964 --> 18:20.866 align:left position:10% line:89% size:80% PRE-PANDEMIC, SO I THINK THAT'S 18:20.866 --> 18:23.302 align:left position:12.5% line:89% size:77.5% THE KEY LEVEL THERE TO RECOVER 18:23.302 --> 18:24.536 align:left position:10% line:89% size:80% ALL THE JOBS LOST IN THE 18:24.536 --> 18:30.242 align:left position:10% line:89% size:80% PANDEMIC AND THEN GROW FROM 18:30.242 --> 18:31.243 align:left position:10% line:89% size:80% THERE. 18:31.243 --> 18:33.879 align:left position:10% line:89% size:80% >> SO YOU'RE SAYING JOBS IS THE 18:33.879 --> 18:35.414 align:left position:10% line:89% size:80% BOTTOM LINE, THE KEY INDICATOR, 18:35.414 --> 18:36.048 align:left position:10% line:89% size:80% AT LEAST FOR THE STATE'S 18:36.048 --> 18:36.281 align:left position:10% line:89% size:80% ECONOMY? 18:36.281 --> 18:38.584 align:left position:10% line:89% size:80% >> OH, ABSOLUTELY. 18:38.584 --> 18:42.321 align:left position:10% line:89% size:80% WE GOT TO GET PEOPLE BACK TO 18:42.321 --> 18:42.821 align:left position:10% line:89% size:80% WORK. 18:42.821 --> 18:45.224 align:left position:10% line:89% size:80% THAT'S RESTAURANTS NEED IT, 18:45.224 --> 18:47.226 align:left position:12.5% line:89% size:77.5% BUSINESSES NEED EMPLOYEES, BUT 18:47.226 --> 18:48.360 align:left position:10% line:89% size:80% THEY ALSO HAVE TO KEEP THEIR 18:48.360 --> 18:51.296 align:left position:10% line:89% size:80% LABOR COSTS DOWN, AND THEY HAVE 18:51.296 --> 18:52.064 align:left position:10% line:89% size:80% TO BE ABLE TO AFFORD TO STAY 18:52.064 --> 18:55.400 align:left position:10% line:89% size:80% OPEN, SO IT'S ALL ABOUT JOBS AND 18:55.400 --> 18:57.369 align:left position:10% line:89% size:80% GETTING THESE BUSINESSES BACK TO 18:57.369 --> 19:02.774 align:left position:10% line:89% size:80% NORMAL AGAIN. 19:02.774 --> 19:04.343 align:left position:10% line:89% size:80% >> THAT'S PART OF THE CONFLICT, 19:04.343 --> 19:04.543 align:left position:10% line:89% size:80% RIGHT? 19:04.543 --> 19:06.378 align:left position:10% line:89% size:80% SO MANY PEOPLE QUITTING THEIR 19:06.378 --> 19:07.880 align:left position:10% line:89% size:80% JOBS BECAUSE THEY WANT A 19:07.880 --> 19:09.381 align:left position:10% line:89% size:80% DIFFERENT LIFESTYLE, AND 19:09.381 --> 19:12.050 align:left position:10% line:89% size:80% BUSINESS SAYING, HEY, WE NEED 19:12.050 --> 19:14.052 align:left position:10% line:89% size:80% MORE EMPLOYEES, BUT WE DON'T 19:14.052 --> 19:16.788 align:left position:10% line:89% size:80% WANT TO PAY ANY MORE FOR THEM. 19:16.788 --> 19:18.123 align:left position:10% line:89% size:80% THAT'S -- GO AHEAD. 19:18.123 --> 19:21.760 align:left position:10% line:89% size:80% >> THAT'S THE BALANCE RIGHT 19:21.760 --> 19:23.095 align:left position:10% line:89% size:80% THERE, RIGHT? 19:23.095 --> 19:25.497 align:left position:10% line:89% size:80% I HAVE BEEN AT THE SAME JOB FOR 19:25.497 --> 19:29.168 align:left position:10% line:89% size:80% 25 YEARS, SO I'M -- I DON'T KNOW 19:29.168 --> 19:31.136 align:left position:10% line:89% size:80% THIS -- SO MANY PEOPLE ARE -- I 19:31.136 --> 19:32.271 align:left position:10% line:89% size:80% DON'T KNOW THAT ABILITY TO JUST 19:32.271 --> 19:35.440 align:left position:10% line:89% size:80% QUIT LIKE THAT OR TO JUST CHANGE 19:35.440 --> 19:37.976 align:left position:10% line:89% size:80% AND SAY THAT, SO I THINK IT'S 19:37.976 --> 19:38.277 align:left position:10% line:89% size:80% INTERESTING. 19:38.277 --> 19:39.745 align:left position:10% line:89% size:80% THERE IS A BALANCE THERE. 19:39.745 --> 19:40.979 align:left position:10% line:89% size:80% SORRY, I'M LOSING MY VOICE. 19:40.979 --> 19:44.049 align:left position:10% line:89% size:80% THERE'S A BALANCE THERE BETWEEN, 19:44.049 --> 19:48.754 align:left position:10% line:89% size:80% YOU KNOW, HOW MUCH YOU PAY A 19:48.754 --> 19:50.856 align:left position:10% line:89% size:80% WORKER AND WHETHER IT'S WORTH 19:50.856 --> 19:51.023 align:left position:10% line:89% size:80% IT. 19:51.023 --> 19:53.058 align:left position:10% line:89% size:80% >> JOHN, NATIONALLY, WE'VE SEEN 19:53.058 --> 19:55.627 align:left position:10% line:89% size:80% CLOSE TO 6% GROWTH OVER THE 19:55.627 --> 19:59.097 align:left position:10% line:89% size:80% YEAR, ALMOST 7% FOR THE QUARTER. 19:59.097 --> 20:00.566 align:left position:10% line:89% size:80% HOW DOES OUR ECONOMY MEASURE UP 20:00.566 --> 20:01.099 align:left position:10% line:89% size:80% TO THAT? 20:01.099 --> 20:04.136 align:left position:10% line:89% size:80% NEW JERSEY'S ECONOMY. 20:04.136 --> 20:06.538 align:left position:10% line:89% size:80% >> IF YOU'RE REFERRING TO GDP 20:06.538 --> 20:08.473 align:left position:12.5% line:89% size:77.5% GROWTH, YOU KNOW, NEW JERSEY'S 20:08.473 --> 20:09.308 align:left position:10% line:89% size:80% HAD SOME PRETTY GOOD GDP GROWTH 20:09.308 --> 20:10.676 align:left position:10% line:89% size:80% AS WELL, BUT YOU HAVE TO KEEP IN 20:10.676 --> 20:11.777 align:left position:10% line:89% size:80% MIND THAT SOME OF THIS IS BEING 20:11.777 --> 20:13.745 align:left position:10% line:89% size:80% MEASURED OFF OF A TIME WHEN THE 20:13.745 --> 20:15.814 align:left position:10% line:89% size:80% ECONOMY WAS LARGELY SHUT DOWN ON 20:15.814 --> 20:18.250 align:left position:10% line:89% size:80% PURPOSE, AND SO THE GOVERNMENT'S 20:18.250 --> 20:21.420 align:left position:10% line:89% size:80% BEEN VERY ACTIVE IN TERMS OF 20:21.420 --> 20:22.387 align:left position:10% line:89% size:80% INTERVENTION OVER THE -- REALLY 20:22.387 --> 20:24.623 align:left position:10% line:89% size:80% GOING BACK WELL OVER A YEAR, 20:24.623 --> 20:27.125 align:left position:10% line:89% size:80% SENDING OUT STIMULUS PAYMENTS TO 20:27.125 --> 20:29.228 align:left position:10% line:89% size:80% INDIVIDUALS, BUMPING UP 20:29.228 --> 20:29.561 align:left position:10% line:89% size:80% UNEMPLOYMENT. 20:29.561 --> 20:30.362 align:left position:12.5% line:89% size:77.5% THE FED HAS BEEN REALLY ACTIVE 20:30.362 --> 20:32.898 align:left position:10% line:89% size:80% WHEN IT COMES TO FINANCIAL 20:32.898 --> 20:35.500 align:left position:12.5% line:89% size:77.5% MARKETS, AND SO, YOU KNOW, THE 20:35.500 --> 20:36.969 align:left position:10% line:89% size:80% EFFORTS, REALLY, SINCE THE BIDEN 20:36.969 --> 20:38.303 align:left position:12.5% line:89% size:77.5% ADMINISTRATION TOOK OVER, HAVE 20:38.303 --> 20:39.338 align:left position:10% line:89% size:80% BEEN VERY AGGRESSIVE IN TERMS OF 20:39.338 --> 20:41.106 align:left position:10% line:89% size:80% TRYING TO PREVENT A REALLY DEEP 20:41.106 --> 20:43.842 align:left position:10% line:89% size:80% RECESSION, AND SO WE'RE SEEING, 20:43.842 --> 20:46.878 align:left position:12.5% line:89% size:77.5% YOU KNOW, THIS ISN'T HAPPENING 20:46.878 --> 20:49.414 align:left position:10% line:89% size:80% JUST ORGANICALLY OFF OF A NORMAL 20:49.414 --> 20:50.882 align:left position:10% line:89% size:80% BASE, YOU KNOW? 20:50.882 --> 20:51.917 align:left position:10% line:89% size:80% THIS IS BEING MEASURED OFF A 20:51.917 --> 20:53.118 align:left position:12.5% line:89% size:77.5% DIFFICULT SITUATION WITH A LOT 20:53.118 --> 20:54.953 align:left position:10% line:89% size:80% OF FEDERAL INTERVENTION. 20:54.953 --> 20:57.289 align:left position:10% line:89% size:80% THAT ALL SAID, YOU KNOW, GROWTH, 20:57.289 --> 21:00.626 align:left position:10% line:89% size:80% YOU KNOW, YOU WANT TO SEE 21:00.626 --> 21:00.859 align:left position:10% line:89% size:80% GROWTH. 21:00.859 --> 21:03.128 align:left position:10% line:89% size:80% BUT THAT'S JUST ONE INDICATOR. 21:03.128 --> 21:04.062 align:left position:10% line:89% size:80% THE GDP NUMBER. 21:04.062 --> 21:04.630 align:left position:10% line:89% size:80% AND NEW JERSEY'S SEEN SOME 21:04.630 --> 21:07.833 align:left position:10% line:89% size:80% GROWTH AS WELL. 21:07.833 --> 21:11.303 align:left position:10% line:89% size:80% UNEMPLOYMENT IS THE OTHER BIG 21:11.303 --> 21:13.405 align:left position:10% line:89% size:80% INDICATOR, AND AS STACIE NOTED, 21:13.405 --> 21:15.507 align:left position:10% line:89% size:80% IN NEW JERSEY, WE'RE BEHIND THE 21:15.507 --> 21:16.708 align:left position:10% line:89% size:80% FEDERAL UNEMPLOYMENT RATE AND 21:16.708 --> 21:17.676 align:left position:10% line:89% size:80% OUR PACE OF RECOVERY, WE HAVE 21:17.676 --> 21:18.710 align:left position:10% line:89% size:80% HAD A LOT OF IMPROVEMENT OVER 21:18.710 --> 21:21.413 align:left position:12.5% line:89% size:77.5% THE LAST YEAR, BUT OUR PACE OF 21:21.413 --> 21:22.447 align:left position:10% line:89% size:80% JOB RECOVERY HAS TRAILED THE 21:22.447 --> 21:25.517 align:left position:10% line:89% size:80% PACE OF THE NATIONAL RECOVERY AS 21:25.517 --> 21:27.753 align:left position:10% line:89% size:80% WELL. 21:27.753 --> 21:29.554 align:left position:10% line:89% size:80% NOW, THERE'S ROOM STILL TO GO ON 21:29.554 --> 21:32.057 align:left position:10% line:89% size:80% THAT, BUT ONE IMPORTANT THING TO 21:32.057 --> 21:33.458 align:left position:10% line:89% size:80% NOTE IS WE CAN SOMETIMES HAVE 21:33.458 --> 21:34.860 align:left position:10% line:89% size:80% TWO ECONOMIES, RIGHT? 21:34.860 --> 21:37.296 align:left position:10% line:89% size:80% I MEAN, THERE'S HOW PEOPLE -- 21:37.296 --> 21:38.463 align:left position:10% line:89% size:80% PROFESSIONALS, UNFORTUNATELY, 21:38.463 --> 21:40.032 align:left position:10% line:89% size:80% GOT IMPACTED, THEY CAN WORK FROM 21:40.032 --> 21:42.000 align:left position:10% line:89% size:80% HOME AND MAYBE NOT HAVE FELT THE 21:42.000 --> 21:44.036 align:left position:10% line:89% size:80% SAME PINCH THAT PEOPLE IN THE 21:44.036 --> 21:46.405 align:left position:12.5% line:89% size:77.5% LOWER WAGE POSITIONS AND LOWER 21:46.405 --> 21:48.974 align:left position:12.5% line:89% size:77.5% INCOME BRACKETS, IT SEEMS LIKE 21:48.974 --> 21:51.376 align:left position:12.5% line:89% size:77.5% THE RECOVERY THAT STILL HAS TO 21:51.376 --> 21:52.344 align:left position:10% line:89% size:80% HAPPEN, UNFORTUNATELY, IS AMONG 21:52.344 --> 21:53.745 align:left position:10% line:89% size:80% THE PEOPLE WHO NEED THAT 21:53.745 --> 21:55.213 align:left position:10% line:89% size:80% RECOVERY THE MOST. 21:55.213 --> 21:56.982 align:left position:10% line:89% size:80% AND SO, WE HAVE TO BE CAREFUL 21:56.982 --> 21:58.383 align:left position:10% line:89% size:80% ABOUT SAYING, YOU KNOW, NEW 21:58.383 --> 21:59.885 align:left position:10% line:89% size:80% JERSEY'S IN THIS GREAT PLACE. 21:59.885 --> 22:01.286 align:left position:10% line:89% size:80% NEW JERSEY'S HAD A LOT OF 22:01.286 --> 22:02.354 align:left position:10% line:89% size:80% IMPROVEMENT OVER THE LAST 12 22:02.354 --> 22:04.523 align:left position:10% line:89% size:80% MONTHS, FOR SURE, WHETHER YOU'RE 22:04.523 --> 22:05.891 align:left position:10% line:89% size:80% TALKING ABOUT JOBS OR GDP 22:05.891 --> 22:07.759 align:left position:12.5% line:89% size:77.5% GROWTH, BUT YOU KNOW, WE CAN'T 22:07.759 --> 22:09.728 align:left position:10% line:89% size:80% LOSE SIGHT OF THOSE THAT ARE 22:09.728 --> 22:11.863 align:left position:10% line:89% size:80% STILL TRYING TO RECOVER. 22:11.863 --> 22:14.099 align:left position:10% line:89% size:80% >> KATHERINE, SMALL BUSINESS 22:14.099 --> 22:16.535 align:left position:10% line:89% size:80% SAYS THEY'RE HURTING FOR STAFF, 22:16.535 --> 22:17.202 align:left position:10% line:89% size:80% PEOPLE ARE LEAVING THEIR JOBS. 22:17.202 --> 22:19.237 align:left position:10% line:89% size:80% A LOT OF PLACES EXPERIMENTING 22:19.237 --> 22:21.573 align:left position:10% line:89% size:80% WITH AUTOMATION AND RESTAURANTS 22:21.573 --> 22:23.308 align:left position:10% line:89% size:80% CLOSING THEIR DINING ROOMS IN 22:23.308 --> 22:25.277 align:left position:10% line:89% size:80% FAVOR OF CURBSIDE PICKUP. 22:25.277 --> 22:26.044 align:left position:10% line:89% size:80% WHAT'S HAPPENING HERE? 22:26.044 --> 22:28.847 align:left position:12.5% line:89% size:77.5% ARE WE GOING TO LOOK BACK IN A 22:28.847 --> 22:31.383 align:left position:10% line:89% size:80% DECADE AND SAY, WOW, THAT WAS A 22:31.383 --> 22:33.919 align:left position:10% line:89% size:80% PARADIGM SHIFT BACK IN 2022? 22:33.919 --> 22:34.353 align:left position:10% line:89% size:80% >> RIGHT. 22:34.353 --> 22:36.455 align:left position:12.5% line:89% size:77.5% I MEAN, THEY'RE CALLING IT THE 22:36.455 --> 22:37.489 align:left position:10% line:89% size:80% GREAT RESIGNATION FOR A REASON, 22:37.489 --> 22:37.689 align:left position:10% line:89% size:80% RIGHT? 22:37.689 --> 22:40.192 align:left position:10% line:89% size:80% WE'RE JUST SEEING SO MANY PEOPLE 22:40.192 --> 22:41.727 align:left position:12.5% line:89% size:77.5% LEAVE THEIR JOBS, PARTICULARLY 22:41.727 --> 22:42.627 align:left position:10% line:89% size:80% IN THE SERVICE SECTOR WHERE 22:42.627 --> 22:43.829 align:left position:12.5% line:89% size:77.5% PEOPLE ARE KIND OF JUST FED UP 22:43.829 --> 22:45.864 align:left position:10% line:89% size:80% AND THEY JUST, YOU KNOW, THEY 22:45.864 --> 22:46.665 align:left position:10% line:89% size:80% SAY THAT THEY'RE DONE. 22:46.665 --> 22:48.133 align:left position:10% line:89% size:80% THIS HAS BEEN REALLY HARD FOR 22:48.133 --> 22:50.669 align:left position:10% line:89% size:80% BUSINESSES, YOU KNOW, AS YOU 22:50.669 --> 22:51.470 align:left position:10% line:89% size:80% NOTED, WITH STAFFING. 22:51.470 --> 22:53.372 align:left position:10% line:89% size:80% YOU KNOW, AND THEY FACE A LOT OF 22:53.372 --> 22:54.206 align:left position:10% line:89% size:80% OTHER CHALLENGES. 22:54.206 --> 22:56.808 align:left position:10% line:89% size:80% ONE BIG ISSUE IN THE BUSINESS 22:56.808 --> 22:59.311 align:left position:10% line:89% size:80% COMMUNITY HAS BEEN TAX INCREASES 22:59.311 --> 23:02.481 align:left position:10% line:89% size:80% AS A RESULT OF THE DEPLETING 23:02.481 --> 23:03.849 align:left position:10% line:89% size:80% UNEMPLOYMENT INSURANCE FUND, SO 23:03.849 --> 23:05.484 align:left position:10% line:89% size:80% THERE'S A LOT GOING ON HERE, AND 23:05.484 --> 23:06.718 align:left position:10% line:89% size:80% I THINK, YOU KNOW, THERE HAS 23:06.718 --> 23:09.388 align:left position:10% line:89% size:80% BEEN A LOT OF RELIEF FROM THE 23:09.388 --> 23:11.490 align:left position:10% line:89% size:80% MURPHY ADMINISTRATION, YOU KNOW, 23:11.490 --> 23:13.859 align:left position:10% line:89% size:80% FROM THE FEDERAL GOVERNMENT, BUT 23:13.859 --> 23:14.726 align:left position:12.5% line:89% size:77.5% BUSINESSES JUST SAY, YOU KNOW, 23:14.726 --> 23:15.394 align:left position:10% line:89% size:80% IT'S NOT ENOUGH. 23:15.394 --> 23:17.796 align:left position:12.5% line:89% size:77.5% THEY'RE NOT ABLE TO STAFF, YOU 23:17.796 --> 23:18.830 align:left position:10% line:89% size:80% KNOW, TABLES. 23:18.830 --> 23:20.532 align:left position:10% line:89% size:80% I REMEMBER I WAS AT A RESTAURANT 23:20.532 --> 23:21.833 align:left position:10% line:89% size:80% RECENTLY, AND THERE WAS ONE 23:21.833 --> 23:23.869 align:left position:10% line:89% size:80% SERVER COVERING, LIKE, FIVE 23:23.869 --> 23:26.271 align:left position:10% line:89% size:80% TABLES AND SHE HAD JUST STARTED, 23:26.271 --> 23:29.608 align:left position:12.5% line:89% size:77.5% HADN'T BEEN A WAITRESS BEFORE, 23:29.608 --> 23:31.843 align:left position:10% line:89% size:80% AND I THINK THAT'S EM WHBLEMATIF 23:31.843 --> 23:33.345 align:left position:10% line:89% size:80% WHAT WE'RE SEEING IN RESTAURANTS 23:33.345 --> 23:33.645 align:left position:10% line:89% size:80% EVERYWHERE. 23:33.645 --> 23:34.679 align:left position:10% line:89% size:80% >> YEAH. 23:34.679 --> 23:37.315 align:left position:10% line:89% size:80% JOHN, YOU'VE BEEN TO MORE 23:37.315 --> 23:38.483 align:left position:10% line:89% size:80% PENSION BOARD MEETINGS THAN 23:38.483 --> 23:40.085 align:left position:10% line:89% size:80% ANYBODY ON THIS PANEL FOR SURE. 23:40.085 --> 23:42.354 align:left position:10% line:89% size:80% I SAW A REPORT THIS WEEK THAT 23:42.354 --> 23:46.124 align:left position:12.5% line:89% size:77.5% SAYS THE FUND MADE UP OF MONEY 23:46.124 --> 23:46.758 align:left position:12.5% line:89% size:77.5% FROM PUBLIC EMPLOYEES PENSIONS 23:46.758 --> 23:47.225 align:left position:10% line:89% size:80% IS UNDERPERFORMING. 23:47.225 --> 23:47.826 align:left position:10% line:89% size:80% WHAT DOES THAT MEAN TO STATE 23:47.826 --> 23:50.896 align:left position:10% line:89% size:80% RESIDENTS? 23:50.896 --> 23:52.631 align:left position:10% line:89% size:80% >> WELL, THE THING TO KEEP IN 23:52.631 --> 23:55.300 align:left position:10% line:89% size:80% MIND IS PENSIONS IN NEW JERSEY, 23:55.300 --> 23:55.934 align:left position:10% line:89% size:80% FOR PUBLIC WORKERS, SO, THESE 23:55.934 --> 23:57.169 align:left position:10% line:89% size:80% ARE PEOPLE WHO HAVE SOME SORT OF 23:57.169 --> 23:58.804 align:left position:10% line:89% size:80% GOVERNMENT JOB, ARE FUNDED BY 23:58.804 --> 24:00.739 align:left position:12.5% line:89% size:77.5% CONTRIBUTIONS THAT THE WORKERS 24:00.739 --> 24:02.974 align:left position:10% line:89% size:80% MAKE BY CONTRIBUTIONS THAT THEIR 24:02.974 --> 24:04.342 align:left position:10% line:89% size:80% TAXPAYER EMPLOYERS MAKE, AND 24:04.342 --> 24:07.078 align:left position:10% line:89% size:80% THEN ALL OF THE ASSETS ARE 24:07.078 --> 24:08.713 align:left position:10% line:89% size:80% INVESTED IN, YOU KNOW, STOCKS 24:08.713 --> 24:10.282 align:left position:10% line:89% size:80% AND BONDS AND OTHER TYPES OF 24:10.282 --> 24:11.950 align:left position:10% line:89% size:80% INVESTMENTS TO HOPEFULLY GAIN 24:11.950 --> 24:13.652 align:left position:10% line:89% size:80% SOME YEAR OVER YEAR GROWTH, AND 24:13.652 --> 24:16.922 align:left position:10% line:89% size:80% SO WHEN WE SAY UNDERPERFORMING, 24:16.922 --> 24:18.056 align:left position:10% line:89% size:80% THEY HAVE AN ASSUMED RATE, WHICH 24:18.056 --> 24:18.990 align:left position:10% line:89% size:80% IS BASICALLY WHAT THEY THINK 24:18.990 --> 24:21.760 align:left position:10% line:89% size:80% THESE INVESTMENTS WILL GENERATE 24:21.760 --> 24:23.662 align:left position:12.5% line:89% size:77.5% ON AN ANNUAL BASIS IN TERMS OF 24:23.662 --> 24:25.464 align:left position:12.5% line:89% size:77.5% EXTRA REVENUE, SO IT EASES THE 24:25.464 --> 24:27.098 align:left position:10% line:89% size:80% BURDEN A LITTLE BIT ON EMPLOYEES 24:27.098 --> 24:29.301 align:left position:12.5% line:89% size:77.5% AND TAXPAYERS, AND LAST FISCAL 24:29.301 --> 24:31.169 align:left position:12.5% line:89% size:77.5% YEAR, WE HAD A BANNER YEAR FOR 24:31.169 --> 24:32.704 align:left position:12.5% line:89% size:77.5% INVESTMENT RETURNS, ALMOST 30% 24:32.704 --> 24:34.573 align:left position:10% line:89% size:80% YEAR OVER YEAR, WHICH IS, YOU 24:34.573 --> 24:36.508 align:left position:10% line:89% size:80% KNOW, AT LEAST IN THE TWO 24:36.508 --> 24:37.342 align:left position:10% line:89% size:80% DECADES A RECORD. 24:37.342 --> 24:38.677 align:left position:10% line:89% size:80% THEY'VE COME BACK DOWN TO EARTH, 24:38.677 --> 24:40.312 align:left position:10% line:89% size:80% ACCORDING TO THE MOST RECENT 24:40.312 --> 24:41.413 align:left position:10% line:89% size:80% FIGURES THAT WERE REVIEWED. 24:41.413 --> 24:43.548 align:left position:12.5% line:89% size:77.5% THESE THINGS TEND TO GO UP AND 24:43.548 --> 24:45.116 align:left position:10% line:89% size:80% DOWN OVER THE FIVE AND TEN-YEAR 24:45.116 --> 24:48.587 align:left position:10% line:89% size:80% RUNS, YOU KNOW, WE'RE RIGHT 24:48.587 --> 24:50.188 align:left position:10% line:89% size:80% AROUND THAT ASSUMED RIGATE. 24:50.188 --> 24:51.323 align:left position:10% line:89% size:80% IN FACT, OVER THE LAST FIVE 24:51.323 --> 24:52.724 align:left position:10% line:89% size:80% YEARS, ANNUALIZED, IT'S ABOVE 24:52.724 --> 24:52.891 align:left position:10% line:89% size:80% IT. 24:52.891 --> 24:54.693 align:left position:10% line:89% size:80% SO WITH NUMBERS, YOU CAN LOOK AT 24:54.693 --> 24:55.594 align:left position:10% line:89% size:80% THEM IN A MILLION WAYS AND, YOU 24:55.594 --> 24:56.695 align:left position:10% line:89% size:80% KNOW, IN THE SHORT-TERM, THAT 24:56.695 --> 24:58.663 align:left position:12.5% line:89% size:77.5% WAS A LITTLE BIT OF A CONCERN, 24:58.663 --> 25:01.700 align:left position:10% line:89% size:80% BUT THE BIG PICTURE, AT LEAST IN 25:01.700 --> 25:02.334 align:left position:10% line:89% size:80% TERMS OF INVESTMENT RETURNS, YOU 25:02.334 --> 25:04.069 align:left position:10% line:89% size:80% KNOW, THE PENSION FUND IS STILL 25:04.069 --> 25:04.736 align:left position:10% line:89% size:80% IN A DEEP HOLE BECAUSE THE STATE 25:04.736 --> 25:07.138 align:left position:10% line:89% size:80% DID NOT FUND IT PROPERLY FOR 25:07.138 --> 25:08.607 align:left position:10% line:89% size:80% MORE THAN TWO DECADES, BUT IN 25:08.607 --> 25:10.342 align:left position:12.5% line:89% size:77.5% TERMS OF THE LATEST INVESTMENT 25:10.342 --> 25:11.476 align:left position:10% line:89% size:80% RETURNS, YOU KNOW, A LITTLE 25:11.476 --> 25:13.745 align:left position:10% line:89% size:80% BELOW THE ASSUMED RATE, BUT 25:13.745 --> 25:15.580 align:left position:10% line:89% size:80% STILL HOLDING ON IN THE BLACK. 25:15.580 --> 25:19.284 align:left position:10% line:89% size:80% >> JOHN, STACIE, KATHERINE, GOOD 25:19.284 --> 25:20.085 align:left position:10% line:89% size:80% TO SEE YOU ALL. 25:20.085 --> 25:23.021 align:left position:12.5% line:89% size:77.5% THANKS FOR HANGING OUT WITH US 25:23.021 --> 25:23.221 align:left position:10% line:89% size:80% TODAY. 25:23.221 --> 25:25.590 align:left position:10% line:89% size:80% THAT WAS "ROUNDTABLE" FOR THE 25:25.590 --> 25:25.790 align:left position:10% line:89% size:80% WEEK. 25:25.790 --> 25:27.826 align:left position:10% line:89% size:80% THANKS ALSO TO SENATOR VIN 25:27.826 --> 25:28.059 align:left position:10% line:89% size:80% GOPAL. 25:28.059 --> 25:30.262 align:left position:10% line:89% size:80% FOLLOW ME ON 25:30.262 --> 25:31.129 align:left position:10% line:89% size:80% TWITTER, @DAVIDCRUZNJ, AND 25:31.129 --> 25:32.264 align:left position:10% line:89% size:80% SUBSCRIBE TO THE YOUTUBE CHANNEL 25:32.264 --> 25:35.467 align:left position:10% line:89% size:80% FOR MORE INTERESTING STUFF LIKE 25:35.467 --> 25:38.637 align:left position:10% line:89% size:80% "CHAT BOX," NJ SPOTLIGHT NEWS 25:38.637 --> 25:39.538 align:left position:10% line:89% size:80% AND LIVE STREAMS OF OTHER 25:39.538 --> 25:40.205 align:left position:10% line:89% size:80% IMPORTANT EVENTS. 25:40.205 --> 25:42.407 align:left position:10% line:89% size:80% THANKS FOR WATCHING. 25:42.407 --> 25:45.977 align:left position:10% line:89% size:80% I'M DAVID CRUZ. 25:45.977 --> 25:46.611 align:left position:10% line:89% size:80% >> Announcer: MAJOR FUNDING FOR 25:46.611 --> 25:48.079 align:left position:10% line:89% size:80% "REPORTERS ROUNDTABLE" WITH 25:48.079 --> 25:48.680 align:left position:10% line:89% size:80% DAVID CRUZ IS PROVIDED BY NEW 25:48.680 --> 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