Cramer's 'Mad Money' Recap: Obama's Misguided Agenda (Final)

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Without more jobs, President Obama's agenda will "slowly squeeze the life out of this market," Jim Cramer told the viewers of his "Mad Money" TV show Wednesday.

He attributed the market's recent slide and continued sideways trend to a shift in opinion among investors on just how well Obama is handling the economy.

Cramer accused Obama of misreading the economy, saying that his anti-business policies and failed stimulus are not creating jobs and are instead allowing the U.S. to fall behind the recovery efforts of China and France.

Cramer said while he remains an Obama supporter, he feels that job creation needs to be the president's only focus. He said programs such as cap and trade, reducing carbon emissions and a repeal of the Bush tax cuts all need to wait.

He said the Justice Department probe into AT&T (T Quote) and Verizon (VZ Quote) just proves that the administration has lost focus.

Cramer said this economy, and the stock market, both hinge on the creation of more jobs. He said Obama must tackle unemployment first, or both will suffer a slow and painful death.