Money Rehab with Nicole Lapin - Disney Dunks on DeSantis

Episode Date: May 2, 2023

How is Governor DeSantis of Florida prepping for his rumored 2024 Presidential campaign? Picking a fight with Disney World, of course. Nicole demystifies the Disney vs. DeSantis headlines and unpacks what's at stake for the biggest employer in Florida. To support the LGBTQ+ community in Florida, check out these resources: https://www.eqfl.org/ https://www.transinclusivegroup.org/ https://www.glaad.org/resources

One of the most stressful periods of my life was when I was in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener, you know about my infamous $35 overdraft fee that

I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN. Chime. Feels like progress. Banking services and debit card provided by the Bancorp Bank N.A. or Stride Bank N.A. Members FDIC. SpotMe eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details.

I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. On today's episode, let's take a pulse check on the state of the state of Florida. What the heck is going on down there? Ron DeSantis, the Republican governor of the Sunshine State, has a pretty mediocre approval rating right now, and it's rumored that he'll be running for president in 2024. Which is why it is so fascinating to me that he has decided to pick a fight with Disney. The Disney. Disney is not only the largest employer in the state and a huge driver of tourism,

but it is also nicknamed the happiest place on earth. I am no Olivia Pope, but I would venture to say that there is no way to get yourself fast-tracked to Grinch status than to go after the happiest place on earth. And no one wants a Grinch for president, and I'm even speaking on behalf of the Jews here. So even though these headlines have been really bubbling up over the last week, the origin story goes back much further. Last year, Governor DeSantis signed into law the Parental Rights in Education Act, more commonly known as the Don't Say Gay Bill, which prohibited classroom instruction about sexual orientation and gender identity

in certain elementary grades in Florida. This legislation triggered a gigantic outcry from the LGBTQ community, and Disney, after some pressure from employees, eventually denounced the bill. This criticism from Disney sadly didn't stop Florida's Board of Education from expanding this Don't Say Gay policy to cover all grades, including high school. When Disney dunked on the Don't Say Gay bill, DeSantis and Fox News started up a high school sports chant-style campaign, mockingly calling the company Woke Disney. This wasn't the first issue conservatives have taken with Disney. It's more of the straw that broke the camel, or in the case of Republicans,

elephants' back. In recent years, Disney has made a handful of decisions that conservative commentators feel are too woke or snowflakey. For example, Disney World removed a scene from the Pirates of the Caribbean ride that had depicted pirates selling women in an auction, and Disney cut a greeting saying, ladies and gentlemen, boys and girls, from some of its fireworks shows to be more gender inclusive. Listen, even though I am liberal, I try to look at everything from a nonpartisan lens, as a human first. And as said human, I don't hate the fact that Disney removed a bit about selling women from a child's ride. I just don't hate it. But DeSantis didn't stop at name

calling. He went for the jugular. And to explain that, I'm going to have to take a step back and unpack something about Disney's power in Florida. Not only is Disney the home to the kind of magic that turns pumpkins into carriages, but Disney is also home to an even better type of magic. Tax magic. So get this. Ever since 1967, Disney World has had special tax status that allows the 25,000 acre resort to essentially exist as its own county called Reedy Creek Improvement District with its own government and its own board that passes local legislation. And in the greatest disappearing act of all, this special status has saved Disney millions of dollars annually in taxes and fees. However, to be super duper clear, even though Disney does get some tax perks,

the company hasn't avoided paying taxes altogether. And the trade-off Disney gets for operating its own county is that it has to operate its own county, meaning Disney foots the bill for regular government operations like funding power, road maintenance, and fire protection services. Arguably the biggest perk, though, even beyond taxes, was that Disney was granted a lot of decision-making power around developing the county's land. That's power that gets checked for other companies in Florida. So when Disney pissed off DeSantis, he decided he wanted to dismantle the happiest county on earth and selected the Mouse's house as his battlefield.

county on Earth and selected the mouse's house as his battlefield. At first, state lawmakers considered taking away Disney's special tax perks, but then, once they realized that the citizens of Florida would have to pick up that gigantic tax bill, they quickly changed their minds. However, what Governor DeSantis did follow through on was handpicking a new board to oversee this county. Before the new board transitioned into office, the former board, this was the pro-Disney board, essentially tried to tear itself apart as quickly as it could to limit the power of the incoming board. For example, the outgoing pro-Disney board wrote rules that would prohibit the incoming board from using Disney's name, Mickey Mouse, or other characters without the company's approval.

There's a Game of Thrones falling on your sword kind of reference in here somewhere. Not to be outdone, the new Pro DeSantis board then voted to reverse some recent approvals Disney had obtained on zoning, infrastructure, and air rights, approvals the company would need if Disney World ever wanted to expand. And this was the straw that broke the mouse's back. So last week, Disney sued. The company filed suit in federal court that alleges that DeSantis' recent actions have been retaliation for Disney's vocal opposition of the Don't Say Gay bill. The lawsuit claims that DeSantis' move against the company were unconstitutional and asks the court to protect the zoning approvals it had previously secured.

Disney CEO Bob Iger himself has called Florida's actions against the company anti-business, which is definitely not something a presidential candidate wants on their bingo card. And then, like any good Grinch, DeSantis countersued. It's too soon to know what the next steps will be. Perhaps President Biden will need to get in the middle and tell DeSantis and Disney to play nice, or maybe Mickey Mouse will see his day in court. But until then, the happiest place on Earth is looking a little less perfect. For today's tip, you can take straight to the bank. This case reminds us that when an issue affects your community, you can call on your public officials and your private officials.

Meaning, for some issues, appealing to influential businesses in your area can have a huge impact on local politics. This has been true, for example, of Walmart and gun legislation. If you're a member of the LGBTQ plus community or an ally, we should stop just watching and start taking action on what's happening in Florida. In 2021, the Florida DOE removed the LGBTQ plus inclusive anti-bullying resources from its website. In 2022, the Don't Say Gay bill was introduced, and now it's even more powerful. Things will only get worse without a strong show of support from allies. So to support local support groups in Florida with your money or just your time, check out the link in the show notes. One of the most stressful periods of my life was when I was

in credit card debt. I got to a point where I just knew that I had to get it under control for my financial future and also for my mental health. We've all hit a point where we've realized it was time to make some serious money moves. So take control of your finances by using a Chime checking account with features like no maintenance fees, fee-free overdraft up to $200, or getting paid up to two days early with direct deposit. Learn more at Chime.com slash MNN. When you check out Chime, you'll see that you can overdraft up to $200 with no fees. If you're an OG listener,

you know about my infamous $35 overdraft fee that I got from buying a $7 latte and how I am still very fired up about it. If I had Chime back then, that wouldn't even be a story. Make your fall finances a little greener by working toward your financial goals with Chime. Open your account in just two minutes at Chime.com slash MNN. That's Chime.com slash MNN.

Chime. Feels like progress. Banking services and debit card provided by the Bank Corp. Bank N.A. or Stride Bank N.A. Members FDIC. Spot me eligibility requirements and overdraft limits apply. Boosts are available to eligible Chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com slash disclosures for details. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Levoy. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest,

we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.