CNBC TV host Jim Cramer said President Obama’s economic policies are flawed and damaging the stock market.

On his “Mad Money” show Wednesday, Cramer said investors have turned negative in their view of how Obama is handling the economy, TheStreet.com reported.

And that shift has helped stanch the stock market’s recent rally, he said.

Obama's agenda will "slowly squeeze the life out of this market," Cramer said, unless jobs are created soon. And most experts expect unemployment, now at 9.5 percent, to get worse before it gets better.

Jobs are the most important issue for the economy and stock market, Cramer said.

Obama has misread the economy, he said. Cramer called Obama’s policies anti-business and said the stimulus package amounts to a failure. That’s because it hasn’t created jobs, leaving the U.S. behind recovery efforts in China and France.

Cramer also took the Justice Department to task for its anti-trust probe into telecommunication giants AT&T and Verizon. Those investigations simply indicate the administration has lost focus, Cramer said.

Investment legend Warren Buffett shares Cramer’s concern about unemployment. The jobless rate still "has a ways to go" before peaking, he told ABC TV and could ultimately reach 11 percent.

Buffett also agreed with Cramer that the first stimulus package has been insufficient. “I think a second one may well be called for" to lift the economy out of recession, Buffett said.