CNBC’s Jim Cramer on Thursday stated President Joe Biden must staff up with enterprise leaders as a way to deliver inflation down and assist the financial system get better.
“I’m always pointing out that the major problems come down to supply chain disruptions, a labor shortage, the war in Ukraine and the lockdowns in China. But I think the blame for inflation might go further than that,” the “Mad Money” host stated.
“There’s another reason we have all of these supply shortages: Our government doesn’t have a productive relationship with big business. Like it or not, big business has the ability to rein in inflation, but they don’t have any incentive to do so,” he added.
Cramer stated he particularly has points with Biden’s relationship with the oil business and the way he believes it would not bode effectively for skyrocketing gasoline costs, pointing to the time the president stated “Exxon made more money than God this year” in a jab towards the nation’s prime oil producer.
“I get why Biden doesn’t want to buddy up to the oil industry as fossil fuels are very unpopular in the Democratic Party, and for good reason. … But if he wants to get reelected, he’s going to have to suck it up,” Cramer stated.
He additionally stated the president ought to play good with the semiconductor business to get extra American manufacturing going, and that the tech corporations and their purchasers are “failing us too” for not harnessing its providers to unravel financial points just like the employee scarcity.
“Maybe it is as simple as businesses connecting with tech. McDonald’s calling Nvidia. Biden saying: ‘Okay I’ll sit down with the oil guys, I guess I have to.’ Someone in Congress who’s powerful saying we just can’t lose on this CHIPS Act,” Cramer stated, referring to the invoice aiming to incentivize funding within the U.S. semiconductor business.
Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.