Joe won’t say it —but New York City Mayor Eric Adams will.
According to a report from The Daily Wire, New York City Mayor isn’t wasting any time with definitions —”we’re in a recession,” he says. Adams made the comment while speaking at a meeting of interfaith leaders at the Sanzer Yeshiva in Staten Island.
From The Daily Wire:
During the speech, Adams stressed the need to spend money wisely, comparing the New York City budget to his experience growing up in a poor family. He described how his mother would show him and his siblings the family’s income and expenses. “’You tell me what to take off the plate if you want me to put something else on the plate,’” Adams said, quoting his mother. “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,” Adams continued. “Wall Street is collapsing; we’re in a recession.”
Adams’ admission is surprising; Demcorats have been going to great lengths to avoid labeling the Biden economny as “in a recession.” The White House even released an official explanation exploring the definition of the word.
“What is a recession?” the White House posted on its official website ahead of the GDP report. “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.”