The USA has entered a recession, New York Mayor Eric Adams said, 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 and Wall Street is collapsing, because we are in a recession, Adams said at a New York event hosted by nonprofit Project Hospitality, as cited by Hamodia news outlet.
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.
The New York mayor later amended his words, however, stating that it is the president’s prerogative to describe the state of the economy. We’re dealing with tough economic times, but we’re going to get through it, because I trust in the president.
RT. com / ABC Flash Point News 2022.