‘God, I Sound Like Marx’: Jim Cramer Shocks Himself With Analysis of Who’s Cashing In on the Economy

Economic punidt Jim Cramer seemed to surprise himself as he discussed consumer savings and spending Wednesday — and realized just who is exactly benefiting from the current economy.

The CNBC star was chatting with fellow Squawk on the Street hosts Carl Quintanilla and David Faber when the trio touched on American consumers and their struggles.

The exchange happened hours after the latest inflation data showed prices rising faster than expected in September.

Cramer pointed out that people can’t manage to get any savings:

JIM CRAMER: I look at the numbers that came out this morning, the CPI, and I just say I can, other than mortgage rates, rent, I can pretty much draw a straight line to the consumer being the buck stop with the consumer.

And that’s why you look at like a raw score that’s doing well. That’s the antidote to the textile numbers.

Each one, I can tell you that there’s a there’s an antidote to, but obviously it’s just all flowing through.

And the American people have, you know, their pinatas, they’re just pinatas because of this, because these companies don’t want to eat it. They want to beat the quarter. David beaten res means you are fodder.

DAVID FABER:But again, you know, if Sara Eisen were here. She would remind you of all the different metrics that show the consumer spending remains strong.

CRAMER: Well the consumer spending is strong. But the people who are trying to save can’t save. That’s one of the reasons why I want Larry. I mean, people are spending. But that’s almost post covid.

But in terms of saving, if you have if you’re making between $30,000 and $80,000, you’re not saving, you don’t have enough money left and you’re not being profligate, you’re not being probably taking cruises. They’re not going to Four Seasons. David.

CARL QUINTANILLA: Yeah. Well, real average hourly earnings down 7/10 on the month. That’s the sixth straight month.

CRAMER: How are they saving?

QUINTANILLA: And if you don’t have the wealth effect from stocks to fund your spending that’s going to be hard.

CRAMER: Yes. I mean look rich people are making a lot of money people. God I sound like Marx. I really don’t want to sound like Marx. It’s just I’m looking at the data.

I took seven courses on marxism and where did it get me? Although I did really well with it.

Watch above via CNBC.

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