(Headline USA) New York City Mayor Eric Adams, a Democrat, pushed back on the Biden administration’s attempt to redefine what a “recession” is, arguing that Wall Street is already “collapsing.”
A GDP report released on Thursday showed the U.S. economy shrank by 0.9% in its second quarter, following a first quarter in which it contracted by 1.6%.
Two consecutive periods of economic contraction has long been considered the standard for a recession, but the Biden White House and his economic team have insisted that the nation’s economy is doing just fine.
“We’re not going to be in a recession, in my view,” Biden told reporters Monday. “The unemployment rate is still one of the lowest we’ve had in history. It’s in the 3.6 area. We still find ourselves with people investing.
“My hope is we go from this rapid growth to a steady growth, and so we’ll see some coming down, but I don’t think we’re going to, God willing. I don’t think we’re going to see a recession.”
Adams, however, argued that we are already in a “financial crisis,” reported the New York Post.
“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 said.
“We are in a financial crisis like you can never imagine,” he added. “Wall Street is collapsing; we are in a recession.”
Adams later walked back his criticism of Biden.
“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,” he said. “We’re dealing with tough economic times, but we’re going to get through it, because I trust in the president.”
Biden is still refusing to accept economic reality. In a statement on the GDP report, he didn’t even mention the word “recession.” Instead, he touted high employment rates and manufacturing investment rates.
“That doesn’t sound like a recession to me,” Biden told reporters.
Federal Reserve Chairman Jerome Powell echoed Biden’s delusional denial, saying, “I do not think the U.S. is currently in a recession.”
