On Monday, CNBC’s “Mad Money” host Jim Cramer made a bold statement to his viewers, suggesting that if they care about their financial well-being, they should support former President Donald Trump. Cramer’s remarks came amid a significant downturn in the stock market, raising concerns about a potential recession.
“If you’re in the stock market, if you care about your paycheck, you go with Trump,” Cramer stated emphatically during the broadcast. His colleague, fellow CNBC host David H. Faber, responded with a degree of skepticism, prompting Cramer to elaborate. “Yeah, well, he wants to cut your taxes,” Cramer continued, while Faber noted his discontent with Trump’s SALT tax cap, which has negatively impacted blue states.
The New York Post notes that Cramer’s comments coincided with a dramatic drop in the stock market on Monday. The Dow Jones Industrial Average plummeted by 1,033.99 points, or 2.6%, marking a severe decline. The Nasdaq Composite and S&P 500 experienced even sharper falls, dropping by 3.43% and 3%, respectively. This marked the worst day for the Dow and S&P 500 since September 2022.
The market turmoil has stoked fears of an impending recession, with investors and analysts closely monitoring economic indicators. The significant losses on Monday underscored the volatility and uncertainty currently gripping the financial markets.
Cramer’s endorsement of Trump as a solution to the financial woes stands in stark contrast to recent claims made by President Joe Biden. Last week, President Biden declared that he had “cured the economy” when asked about his legacy. “Mr. President, what do you want your legacy for Gen Z to be?” a reporter inquired. Biden responded confidently, “That I cured the economy. And the environment. And a few other small things.”
