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Friday, August 12, 2022

Economy is a Juggernaut Headed for Boom

Excitable CNBC host Jim Cramer told viewers that “the economy is a juggernaut right now,” and is headed for a “boom” the likes of which haven’t been seen in 100 years.

On Wednesday morning’s edition of CNBC’s Squawk Box, Cramer was asked to describe the financial outlook now that it appears the Omicron variant will not have a catastrophic impact on the economy.

“I think the market starts focusing on how strong the economy is,” Cramer said, describing the conditions that led to, and past, a big selloff when the variant first emerged.

Cramer went on to say that “we are at a point where we have to say, You know what? … We’ve got to go and lead our lives,” and that “everything one that you’re focused on right now is going to go higher. It’s a great place to be.”

“But also the economy is a juggernaut now and we can accept the fact that we have to have rate increases and not kill the market,” Cramer added.

Later in the show, Cramer shared that he was working on what I’m going to say for his investment club, “and I just keep coming back to one word: boom.”

“I think that we could go to a period where we have an economic boom, not unlike the post-World War One,” Cramer added.

Despite intense media focus on inflation and a recent jobs report that did not meet expectations, the economy has been getting high marks from the business press lately.

In addition to Cramer, CNN Chief Business Correspondent Christine Romans talked up the economy Wednesday. Romans said that drops in energy prices and rising wages “could set American consumers up well for next year.”

On Tuesday, investment expert Byron Wien gushed about a raft of economic indicators, and predicted Omicron would not lead to a recession. And that was before the news that vaccine boosters appear to protect well against the variant.

Watch above via CNBC.

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