Speaking at a meeting of interfaith leaders at the Sanzer Yeshiva in Staten Island, hosted by the nonprofit Project Hospitality, [New York City Mayor Eric] Adams contradicted the Biden administration’s repeated claims that the U.S. economy is not in a recession despite two quarters of declining GDP.

Adams quickly walked back his comments when pressed by reporters, however, saying that he believes the economy will recover and that he trusts Biden.

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.”

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