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Mayor Eric Adams said that the United States has entered a recession and that “Wall Street is collapsing,” contradicting President Joe Biden’s statements that the nation was doing fine earlier Thursday.
“If you want something else on the plate, you tell me what to take off the platter. New York City Mayor Michael Bloomberg said during an event in Staten Island at Sanzer Yeshiva hosted by NGO Project Hospitality: “This is how much we have, that’s all.” A story in Hamodia quotes the mayor as stating.
This is a financial crisis unlike anything you’ve ever experienced, he continued.
According to “Wall Street is falling apart, and the economy is in a recession,”
After two consecutive quarters of negative GDP growth, Biden said he couldn’t believe that the US economy had entered a recession.
The Commerce Department reported a 0.9 percent loss in real GDP in the second quarter, following a 1.6 percent dip in the first quarter.
Eric Adams refutes Biden, says US is in recession and ‘Wall Street is collapsing’ https://t.co/PjZEZ7P6Zj pic.twitter.com/lLqLrAR5vV
— New York Post (@nypost) July 29, 2022
The Federal Reserve’s attempts to restrain inflation have failed, according to economists’ projections of a minuscule 0.3% gain.
Even Vice President Kamala Harris acknowledged that “inflation is too high” and that “our economy is going down” during a visit to Bedford-Stuyvesant on Thursday afternoon to celebrate new federal funds for neglected regions.
Adams later apologized for his remarks.
We’ll have to wait for the president to decide on the official name of our location; that’s the president, and I follow his lead. He told Hamodia, “We’re in severe economic times, but I faith in the president. We’ll get through this.
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