CNBC’s Jim Cramer said on Thursday that President Joe Biden must work with business leaders to curb inflation and help the economy recover.
“I always point out that the big problems have to do with supply chain disruptions, labor shortages, the war in Ukraine and the lockdowns in China. But I think the blame for inflation goes beyond that,” the ” Mad Money” said host.
“There’s another reason we have all these supply shortages: our government has no productive relationship with big business. Like it or not, big business has the ability to curb inflation, but they have no incentive to to do this. so,” he added.
Cramer said he specifically has issues with Biden’s relationship with the oil industry and believes it doesn’t bode well for skyrocketing gas prices, pointing to the time the president said, “Exxon made more money than God this year.” in a jab at the country’s largest oil producer.
“I understand why Biden doesn’t want to budge with the oil industry, as fossil fuels are very unpopular in the Democratic Party, and for good reason. … But if he wants to be re-elected, he’s going to have to suck it up,” Cramer said.
He also said the president needs to play nice with the semiconductor industry to get more U.S. manufacturing going, and that the tech companies and their customers “are also letting us down” because they are not using their services to solve economic problems such as labor shortages. unload.
“Maybe it’s as simple as companies tapping into technology. McDonald’s calls Nvidia. Biden says, ‘Okay, I’ll sit down with the oil guys, I think I should.’ Someone in Congress firmly saying we can’t lose this CHIPS bill,” Cramer said, referring to the bill that should boost investment in the US semiconductor industry.
Disclosure: Cramer’s Charitable Trust owns Nvidia stock.