Mayor Eric Adams declared the US has entered into a recession and “Wall Street is collapsing” – contradicting President Joe Biden’s claims that the nation is doing fine earlier Thursday.
“You tell me what to take off the plate if you want me to put something else on the plate. I’m coming to you as a city and saying, ‘This is how much we have, that’s it,” the Big Apple mayor said during an event in Staten Island at Sanzer Yeshiva hosted by 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 consecutive quarters of negative GDP growth meant that the US economy had slipped into a recession earlier Thursday.
Commerce Department data showed real GDP dropped by 0.9% in the second quarter after the first quarter showed a 1.6% decline.
Economists had projected a tiny growth of 0.3% and increased fears that the Federal Reserve’s attempts to curb inflation have instead backfired.
Even Vice President Kamala Harris admitted “inflation is too high” and “our economy is slowing down” during a visit to Bedford-Stuyvesant cheering new federal dollars for underserved communities Thursday afternoon.
Adams later walked back the comments.
“The president will make a determination on the official title of where we are; that’s the president, and I follow the lead of the president. We’re dealing with tough economic times, but we’re going to get through it, because I trust in the president,” he told Hamodia.