On Thursday, Democrat New York City Mayor Eric Adams contradicted the Biden administration, admitting that the United States had entered a recession.
“We are in a financial crisis, like you can never imagine,” Adams said during a speech at a meeting of interfaith leaders at the Sanzer Yeshiva in Staten Island.
“Wall Street is collapsing; we’re in a recession,” Adams added.
After the speech, Adams quickly walked back his comments when a reporter from the Jewish publication Hamodia asked if he believed the Biden administration was wrong for claiming that the United States is not in a recession.
“We’re going to recover, and Biden is the president, and I follow his presidency,” Adams told the outlet.
When asked if he thinks the United States is currently in a recession, Adams said it was up to President Biden’s judgement.
“The president will make a determination on the official title of where we are,” he said. “[T]hat’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.”
Earlier that day, the U.S. Bureau of Economic Analysis released a report showing that the United States had officially entered a recession as the economy continued to shrink in the second quarter of 2022.
“Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter,” the report said. “The smaller decrease in the second quarter primarily reflected an upturn in exports and a smaller decrease in federal government spending.”
