Biden needs to work with big business to beat inflation and help economy, says Jim Cramer

CNBC’s Jim Cramer said Thursday that President Joe Biden needs to work closely with business leaders to bring down inflation and help the economy recover.

“I’ve always been pointing out that the major problems come down to supply chain disruptions, a labor shortage, the war in Ukraine, and the lockdown in China. But I think the blame for inflation may go much further than that,”mad Moneysaid the host.

“Another reason we have all these supply constraints: 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 have the power to do so.” There is no incentive for that,” he said.

Cramer said he has issues with Biden’s relationship with the oil industry in particular and believes it doesn’t bode well for skyrocketing gas prices, pointing to the timing. the president said “Exxon made more money than God this year” in a swagger toward the nation’s top oil producer.

“I know why Biden doesn’t want to engage with the oil industry because fossil fuels are so unpopular in the Democratic Party, and for good reason. …” Cramer said.

He also said that the president should play nice with the semiconductor industry to get more American production, and not use his services to solve economic issues such as a shortage of tech firms and their customer workers. failed”.

“Maybe it’s as simple as businesses connecting to tech. McDonald’s is calling out Nvidia. Biden said: ‘Okay, I’ll sit down with the oil guys, I guess I’ll have to.’ There’s someone in Congress who’s powerful saying we can’t lose by this CHIPs Act.” Cramer said, referring to the bill aimed at encouraging investment in the US semiconductor industry.

Disclosure: Cramer Charitable Trust owns shares of Nvidia.