New York Mayor Adams refutes Biden;, insists US already in recession

New York: New York City Mayor Eric Adams has said President Joe Biden is wrong in denying that the United States is in a recession and warned the financial sector that has powered the US economy for more than 200 years is now on the brink of collapse, the New York Post reported on Friday.
Wall Street is already collapsing and the United States has fallen into a state of recession, Adams said in remarks at Sanzer Yeshiva, a Jewish religious institution on Staten Island, the report said.
Biden has refused to acknowledge that the US economy is in a state of recession despite two quarterly periods in a row where official government data confirmed that the gross domestic product had continued to shrink, However, Adams said the US president was denying the self-evident facts.
The US Commerce Department released on Thursday confirmed that GDP had fallen by 0.9% in the second quarter of this year after the first quarter recorded a drop of 1.6%.
Adams went further and claimed the financial crisis centered on Wall Street was already worse than the public could imagine, the report said.
Adams also said he still trusted Biden and would follow his lead, but he reiterated the warning that the United States was dealing with tough economic times, the report added. (UNI/SPUTNIK)