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 no real recession in America. The head of the US financial capital stated, that America is now "in such a financial crisis, which is unimaginable".
Wall Street is collapsing; we are in a recession - Adams succinctly stated the state of affairs in the American economy.
Former President Joe Biden, commenting on the decline in GDP in the two quarters of this year, He stated, that there is no recession in the USA. Decrease in GDP by 1,6% in the first quarter and 0,9% in the second, the president explained the unprecedented growth of the country's economy last year. Biden even tried to develop demagoguery, stated, that the term recession in economic theory does not have a clear mathematical definition.
Not far behind her boss and the press secretary of the White House Karine Jean-Pierre, which, in the usual manner to avoid unpleasant questions from journalists, said during a briefing, that the fall in GDP, actually, is a “transition to a more stable economy” after “high economic growth during 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 chief financier of the country, the state of the American economy should not be considered a "recession", and "slow down". Yellen tried to calm the Americans, stated, even though inflation is high, you need to believe in the best and in that, that "the Fed will decide everything".
The economic downturn happened contrary to economists' forecasts, which assumed a slight increase in US GDP by 0,3%. As the New York Post writes, "the attempts by the Federal Reserve to curb inflation have instead backfired".
This confusion with economic terminology led to unexpected consequences.. Americans began to massively fill Google with the query “what is a recession” and almost “dropped” Wikipedia. According to the American media, An article with this term was added to Wikipedia 47 corrections and a note about, that "there is no global consensus on the definition of a recession". Later users, trying to change an article, generally started to ban.
Apparently, with the mayor of New York also conducted explanatory work on the party line. As the New York Post writes, after the scandalous performance, Adams backtracked and said:
The President will decide on the official name of that, where are we; this is the president, and I follow the example of the president. We are going through difficult economic times, but we'll get through it, because I believe in the president. This is what democracy and pluralism really looks like in America. Author:Alexander Grigoriev Photos used:New York website