Someone needs to give CNBC host Jim Cramer a hug. President Joe Biden’s favorite network host made a pathetic attempt to defend Democrats after inflation came in hot — again.
“Can we skip out [on] the politics?” Cramer said. “I mean yeah, Congress spent too much money, Fed started too late. Okay, there’s a stipulation for you.” Cramer made these statements during the Oct. 13 edition of CNBC’s Squawk Box, just one day after he practically admitted defeat on the producer side of the inflation crisis.
Biden signed his so-called “Inflation Reduction Act” into law two months ago. The law will cost the American taxpayer $750 billion. The Fed, for its part, has hiked interest rates five times this year alone in an attempt to lessen inflation, according to Forbes.
And today, the Bureau of Labor Statistics (BLS) had yet more terrible news on inflation. The BLS Oct. 13 report revealed that the Consumer Price Index (CPI) rose by 8.2 percent year-over-year, eclipsing expectations by Refinitiv economists of an 8.1 percent increase.
“What clowns thought this was gonna be cool?” Cramer said, complaining about the terrible inflation report. “I mean it's wages, food, and housing. We've made no progress whatsoever." Cramer slammed futures traders who had bet on cooling inflation numbers. This is the same guy who falsely claimed on Twitter that the 9.1 percent inflation spike in June would be the “last bad number.” Pot meets kettle. [Emphasis added].
But Cramer’s lack of self-awareness didn’t stop him from telling political commentators to stop saying “stupid things” like blaming Democrats for high inflation. He argued that inflation is high because “wages are too high,” “food is too high” and “housing’s too hot.”
Apparently, in Cramer’s world, wages, food prices and housing have nothing to do with politics. “That is not political,” he said. “That’s just the way it is. So, let’s get away from the politics and accept the fact that the three major issues have not been solved by Democrats or Republicans and let’s move on and stop thinking this is a great time.”
Even Squawk Box co-host Andrew Sorkin called out Cramer for his nonsense: “Do you know anybody who’s talking about it being a great time in either party?”
“Well, yeah!” Cramer shot back. “The clowns who bought the futures this morning based on London – they don't even know what a future is!”
The Federal Reserve’s resident hype-man continued his whine-session on Twitter: “People, listen, the fed is not winning right now except when it comes to raw commodities. When are these economists and talking heads going to do the work which would tell you that.”
People, listen, the fed is not winning right now except when it comes to raw commodities. When are these economists and talking heads going to do the work which would tell you that.— Jim Cramer (@jimcramer) October 13, 2022
This is the same guy who wantonly speculated on a Sept. 12 CNBC segment that the Fed “may be winning” the inflation battle. He even fawned over Federal Reserve Chairman Jerome Powell, calling him — and this not a joke — “my man.”
Conservatives are under attack. Contact ABC News at (818) 460-7477, CBS News at (212) 975-3247 and NBC News at (212) 664-6192 and demand they report on rising inflation crushing Americans during Biden’s recession.