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Eric Adams refutes Biden, claiming that the United States is in a recession and that 'Wall Street is collapsing'

Mayor Eric Adams said that the US is in a recession and that 'Wall Street is collapsing.' This goes against what President Joe Biden said earlier Thursday, when he said 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 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 didn't agree on Thursday that two quarters in a row of negative GDP growth meant that the US economy had gone into a recession.

The US GDP has decreased for two straight quarters.
Biden’s team was accused of trying to redefine “recession” Wednesday.
Getty Images

The real GDP fell by 0.9% in the second quarter, after falling by 1.6% in the first quarter, according to data from the Commerce Department.

Economists had predicted a very small growth of 0.3%, which has made people worry that the Federal Reserve's efforts to stop inflation have backfired.

Even Vice President Kamala Harris said that "inflation is too high" and that "our economy is slowing down" when she went to Bedford-Stuyvesant on Thursday afternoon to celebrate new federal money for underserved communities.

Adams later took back what he said.

“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.


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