Mayor Eric Adams said on Thursday that the US had entered a recession, contradicting President Joe Biden’s earlier assurances that the country is doing fine.
“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.
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Eric Adams Refutes Biden
“We are in a financial crisis like you can never imagine,” he added.
“Wall Street is collapsing; we are in a recession.”
Earlier on Thursday, when asked if two consecutive quarters of negative GDP growth meant the US economy had entered a recession, Biden flatly rejected the idea.
According to figures from the Commerce Department, real GDP fell by 0.9% in the second quarter, following a 1.6% reduction in the first quarter.
Forecasts of 0.3% growth fell short of expectations, fueling concerns that the Federal Reserve‘s efforts to rein in inflation may have had the opposite effect.
During a visit to Bedford-Stuyvesant on Thursday afternoon, Vice President Kamala Harris acknowledged “inflation is too high” and “our economy is slowing down” while applauding new federal dollars for underprivileged communities.
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