Mayor Eric Adams declared that the United States has entered a recession and “Wall Street is collapsing,” contradicting President Joe Biden’s claims that the nation is fine earlier Thursday.
“Tell me what to take off the plate if you want me to put something else on it. I come to you as a city and say, ‘This is what we have, this is it,'” the Big Apple mayor said during an event in Staten Island at Sanzer Yeshiva hosted by the nonprofit Project Hospitality, according to a report to Hamodia. .
“We are in a financial crisis like you can never imagine,” he added.
“Wall Street collapses; we are in recession”.
Biden refused to accept the idea that two consecutive quarters of negative GDP growth meant the US economy had slipped into recession earlier Thursday.
Biden’s team was accused Wednesday of trying to redefine “recession.” Getty Images
Data from the Commerce Department showed real GDP fell 0.9 percent in the second quarter after the first quarter showed a 1.6 percent drop.
Economists had projected a small 0.3% growth, raising fears that the Federal Reserve’s attempts to curb inflation may have backfired.
Even Vice President Kamala Harris admitted that “inflation is too high” and “our economy is slowing down” during a visit to Bedford-Stuyvesant to encourage new federal dollars for underserved communities Thursday afternoon.
Adams then returned to commentary.
“The president will decide the official title of where we are; this is the president, and I follow the president’s lead. We are facing difficult economic times, but we will overcome it, because I trust the president”, he told Hamodia.