CNBC’s Jim Cramer said Thursday that President Joe Biden must team up with business leaders to bring down inflation and help the economy recover.
“I always emphasize that the main issues come down to supply chain disruptions, labor shortages, war in Ukraine and lockdowns in China. But I think the blame for inflation could go further than that,” the “Mad Money” said. “said the host.
“There’s another reason we have all these supply shortages: our government doesn’t have a productive relationship with big business. Like it or not, big business has the ability to contain the inflation, but they have no incentive to do so,” he added.
Cramer said he specifically had issues with Biden’s relationship with the oil industry and thought it didn’t bode well for skyrocketing gas prices, highlighting the moment the president said ” Exxon made more money than god this year” in a swipe at the nation’s top oil producer.
“I understand why Biden doesn’t want to associate himself with the oil industry because fossil fuels are very unpopular within the Democratic Party, and for good reason. … But if he wants to be re-elected, he’s going to have to suck it, “Cramer said.
He also said the president should play with the semiconductor industry to increase U.S. production, and that tech companies and their customers “also fail us” for not leveraging his services to solve economic problems such as labor shortage.
“Maybe it’s as simple as companies plugging into tech. McDonald’s calls Nvidia. Biden says, ‘Okay, I’ll sit with the oil guys, I guess I have to. . Someone in Congress who is powerful and says we just can’t lose with this CHIPS law,” Cramer, referring to the bill to encourage investment in the US semiconductor industry.
Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.