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NEW YORK ( TheStreet) -- Should investors really worry about the fiscal cliff or have the media been blowing things out of proportion? Jim Cramer told Debra Borchardt at TheStreet.com Monday the fiscal cliff is a real concern and one to which investors must pay attention.
Cramer said spending cuts set for Jan. 1 are harsh and the subsequent job losses will be significant if no deal is reached. He said companies will be hard-pressed to hold their earnings numbers if a recession is imminent, so they're very likely to start laying off staff sooner as opposed to later.
Cramer said it's silly to think there will be no impact from the fiscal cliff. He said Federal Reserve Chairman Ben Bernanke is worried, so Cramer is, too.To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Scott Rutt in Washington. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC