Is Wall Street Collapsing? – GreatGameIndia

US President Biden’s comments that the economy is doing well were refuted by Eric Adams, who later changed his position. So what’s the truth? Is the Wall Street actually collapsing?

President Joe Biden’s prior assertions that the economy is “on the right path” have been refuted by New York Mayor Eric Adams, who declared on Thursday that the US has entered a recession.

“We are in a financial crisis like you can never imagine… Wall Street is collapsing; we are in a recession,” Adams stated at a Project Hospitality event in New York, as reported by Hamodia.

“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 proclaimed.

The top city official’s remarks conflict with Biden’s earlier reassurance that, while “the economy is slowing down,” Washington’s attempts to combat the country’s growing inflation placed it “on the right path.”

Adams and Biden were commenting on official data that had been made public earlier on Thursday, which revealed that the US economy has deteriorated for two straight quarters, which is an indication of a recession.

Later, though, the mayor of New York clarified his remarks, saying that it is the president’s prerogative to discuss the state of the economy.

“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,” he told the media.