Wall Street is collapsing – NYC mayor

Eric Adams contradicted President Biden’s claims that the economy is fine before later backtracking

The US has entered a recession, New York Mayor Eric Adams said on Thursday, contradicting earlier claims by President Joe Biden that the economy is “on the right path.” 

“We are in a financial crisis like you can never imagine… Wall Street is collapsing; we are in a recession,” Adams said at a New York event hosted by nonprofit Project Hospitality, as cited by Hamodia news outlet.

“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,” he proclaimed.

The top city official’s statements come in contrast with the assurances that Biden gave earlier the same day, stating that despite the fact “the economy is slowing down,” Washington’s efforts to battle soaring inflation in the country put it “on the right path.”

Both Adams and Biden were commenting on official figures released earlier on Thursday that showed that the US economy has shrunk for two consecutive quarters, which is considered a sign of a recession.

READ MORE: ‘Doctor Doom’ predicts severe recession in US

The New York mayor later amended his words, however, stating that it is the president’s prerogative to describe the state of the economy.

“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 the media.

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