As the coronavirus death toll in the U.S. surpasses 20,000 people, the stock market somehow managed to have its best week in decades. It's a phenomenon that was highlighted in viral tweet from this Thursday, where Democratic strategist Justin Horwitz shared a screenshot of Jim Cramer's CNBC show where the chyron points out that more than 16 million Americans have lost their jobs within 3 weeks, while at the same time a graphic above reports the stock market's news.
"Everything that is wrong with America, in one image," Horwitz wrote.
Everything that is wrong with America, in one image. https://t.co/ugrft95bAv— Justin (@Justin)1586473088.0
As expected, the tweet provoked a wide ranging reaction from people on both sides of the political aisle.
"Legalized gambling for wealthy," one commenter wrote.
"Class warfare," wrote another. "And they’re winning."
"To be fair, this is misleading," wrote Twitter user @YangDailyPodcast. "The markets are going up now because they already [went] down so much. Investors trade on what's going to happen, not what's already happened. They priced in massive job loss already and are now encouraged by flattening infection curves."
Speaking to RawStory, Horwitz says the stock market "is not a reliable indicator of the economy as a whole."
"I think the photo sums up a lot of what people were feeling was the disconnect between the two," he continued. "We need more reliable indicators of how people are actually doing, like relative costs of goods, real wages, unemployment vs under-emplyment, etc."
Full disclosure: Horwitz is a personal friend of the author of this article