New York Mayor Eric Adams has contradicted President Joe Biden’s optimism about the US economy, announcing this week that America is “in a recession” and facing a “financial crisis like you never can.” ‘to imagine”.
The mayor, a Democrat, urged New Yorkers to use their money wisely at an interfaith event hosted by the nonprofit Project Hospitality at Sanzer Yeshiva in Staten Island on Thursday.
The New York native, who has previously spoken of growing up poor in Brooklyn, compared his view of the city to his mother’s comments to him and his siblings as a child.
“You tell me what to take off the plate if you want me to put something else on the plate,” he said. “I come to you as a city and say, ‘That’s all we have, that’s all.
“We are in a financial crisis like you can never imagine. Wall Street is collapsing. We are in a recession.”
His comments came shortly after Mr Biden put on an optimistic show following reports that the US economy shrank for a second straight quarter.
The Bureau of Economic Analysis released new figures early Thursday showing gross domestic product (GDP) fell 0.9% from April to June 2022.
It comes after GDP fell 1.6% in the first quarter.
Two straight quarters of negative economic growth is the unofficial definition of a recession and it comes at a time when everyday Americans are grappling with record inflation, sending gas and property prices skyrocketing. of consumption.
The Federal Reserve raised its key rate by 0.75% on Wednesday in a bid to combat rising inflation.
Eric Adams contradicted the statements made by the president
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But – despite the data – the president insisted the United States is not in a recession, pointing to low unemployment rates and new investment in manufacturing.
“Let me give you the facts in terms of the state of the economy,” he said in a speech on Thursday.
“First, we have a record job market and a record unemployment rate of 3.6%, and businesses are investing in America at record rates.”
He added: “It doesn’t look like a recession to me.”
When Mr Adams was later quizzed on whether he thought the Biden administration was wrong about being in a recession, the New York mayor appeared to walk back his comments.
“We’re going to recover, and Biden is the president, and I’m his presidency,” he told Hamodia.
“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 tough economic times, but we will get through this because I trust the president.”
The Independent Gt