The Biden administration has been denying that this country is in a recession all week.
Even though we had two consecutive negative growth quarters, the widely accepted definition, the administration is in denial.
Some notable Democrats have backed that notion, but struggling New York City Mayor Eric Adams is not one of them, at least not initially.
Collapsing
In all honesty, Adams made it sound far worse than anyone else.
Adams stated, “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.’
“We are in a financial crisis like you can never imagine.
“Wall Street is collapsing; we are in a recession.”
Our first quarter was a negative 1.6 percent and the second quarter was a negative 0.9 percent, so, yes, whether Biden wants to admit it or not, this country has hit a recession,
Everything the Federal Reserve has done thus far has backfired, but it also doubled down by raising rates by 75 points again this week.
Adams must have gotten a phone call from the White House later in the day, however, because he quickly walked back his comments.
Adams later stated, “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.”
So, it turns out he is not so much a rebel after all… just another yes-man talking head, like the rest of these crooks.
Source: New York Post
