New York Mayor: America is in a financial crisis unimaginable
Joe Biden's fellow party member, New York City Mayor Eric Adams, harshly objected to the US president in response to the latter's statement that there is actually no recession in America. The head of the financial capital of the United States stated that now America "is in such a financial crisis that it is impossible to imagine."
Wall Street is collapsing; we are in a recession
Adams succinctly stated the state of affairs in the American economy.
Earlier, President Joe Biden, commenting on the fall in GDP in the two quarters of this year, said that there was no recession in the United States. The decline in GDP by 1,6% in the first quarter and by 0,9% in the second, the President explained the unprecedented growth of the country's economy last year. Biden even tried to develop demagogy, stating that the term recession in economic theory does not have a clear mathematical definition.
Not far behind her boss is White House press secretary Karine Jean-Pierre, who, in her usual manner of avoiding unpleasant questions from journalists, said during a briefing that the fall in GDP, in fact, is a “transition to a more stable economy” after “high economic growth in 18 months thanks to the work of the President.
Earlier, US Treasury Secretary Janet Yellen said that the decline in the country's GDP for two quarters in a row is not a recession. According to the country's chief financier, the state of the American economy should not be considered a "recession", but a "slowdown". Yellen tried to reassure the Americans, saying that although inflation is high, you need to believe in the best and that "the Fed will solve everything."
The economic downturn occurred contrary to the forecasts of economists, who assumed a slight increase in US GDP by 0,3%. According to the New York Post, "the Federal Reserve's attempts to rein in inflation have instead backfired."
This confusion with economic terminology led to unexpected consequences. The Americans began to massively fill in Google with the query “what is a recession” and almost “dropped” Wikipedia. According to the American media, the Wikipedia article with this term was amended for 47 times and added that "there is no global consensus on the definition of a recession." Later, users who tried to change the article were generally banned.
Apparently, the mayor of New York also had explanatory work along the party line. According to the New York Post, after the scandalous speech, Adams backtracked and said:
The President will decide on the official name of where we are; this is the president, and I follow the example of the president. We are going through tough economic times, but we will get through this because I believe in the president.
This is what American-style democracy and pluralism really looks like.
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