Adams rebuts Biden, saying 'Wall Street is disintegrating'

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Eric Adams responds to Joe Biden, claiming that the United States is in a recession and that "Wall Street is imploding"

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Mayor Eric Adams said the US is in a recession and "Wall Street is collapsing," contradicting President Biden's earlier claims.

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Despite negative GDP growth, Biden denied a recession.

On Thursday, Vice President Joe Biden rejected the premise that the US economy has entered a recession because of two consecutive quarters of negative GDP growth.

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Real GDP fell 0.9 percent in the second quarter following a 1.6 percent dip in the first three months of the year, according to Commerce Department figures.

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Anecdotal evidence suggests the Federal Reserve's efforts to control inflation may have backfired, with economists predicting a 0.3% growth rate.

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Kamala Harris acknowledged "rising inflation" and a faltering economy during a visit to Bedford-Stuyvesant on Thursday.

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