CNBC’s Jim Cramer: Obama’s Sequester Fearmongering Caused Hiring Slowdown

April 7th, 2013 2:04 PM

CNBC’s Jim Cramer made a statement on NBC’s Meet the Press Sunday that likely shocked the host as well as the other liberal media members involved in the discussion.

After David Gregory mentioned Friday’s lousy unemployment report, Cramer said, “This is stunning. Stunning. And I think a lot of it had to do with fearmongering” (video follows with transcribed highlights and commentary):

“Remember we had Peggy Noonan on not that long ago,” he continued. “She said 'Fearmonger-in-Chief.' The president did make people feel everything’s going to shut down in this country because of the sequester. A lot of CEO’s were very scared. A lot of the small business people held back. The bankers would tell you that. Only Ben Bernanke, Fed chief, got this right. He seemed to understand that the country’s hiring is really coming back down.”

“But why?” asked Gregory. “Is it the sequester?”

“Yes,” Cramer answered. “It was fear that the sequester would cause massive layoffs. Go back in time a month ago. What was the rhetoric of the White House? It was, ‘Look, this is a really big deal. Everyone has to just stop and consider how bad this is going to be for the economy.’”

“Well,” he continued, “the CEOs stopped and considered, and they decided, ‘You know what? We got to hold back.’”

If Cramer is right – and I’m not saying he is – the President’s sequester fearmongering might have prevented people from finding a job.

Is that something Obama’s fans in the media want disseminated?

Before you answer, consider that the topic of the economy and jobs didn’t surface on Sunday’s Meet the Press until 43 minutes into the program.

Far more important were North Korea, Syria, immigration, the budget talks, and whether or not Hillary Clinton is running for president in 2016.

Would those issues have taken center stage over a horrible jobs report if a Republican were in the White House?

Yes, that’s a rhetorical question.