Mayor Eric Adams said the United States had entered a recession and “Wall Street is collapsing” – contradicting claims by President Joe Biden that the nation was doing well earlier on Thursday.
“You tell me what to take off the plate if you want me to put something else on the plate. I come to you as a city and say, “This is what we have, that’s all,” the Big Apple mayor said at a Staten Island event at Sanzer Yeshiva hosted by the nonprofit organization. nonprofit Project Hospitality, according to a report in Hamodia.
“We are in a financial crisis like you can never imagine,” he added.
“Wall Street is collapsing; we are in a recession.
Biden refused to accept the idea that two straight quarters of negative GDP growth meant the U.S. economy entered recession earlier on Thursday.
Commerce Department data showed real GDP fell 0.9% in the second quarter after the first quarter saw a 1.6% drop.
Economists had forecast tiny 0.3% growth and increased fears that the Federal Reserve’s attempts to rein in inflation had instead backfired.
Even Vice President Kamala Harris admitted “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 the comments.
“The President will determine the official title of where we are; he is the president, and I am the example of the president. We are going through difficult economic times, but we will get through it, because I trust the president,” he told Hamodia.