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

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


CNBC’s Jim Cramer on Thursday said President Joe Biden needs to team up with business leaders in order to bring inflation down and help the economy recover.

“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 said.

“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 said he specifically has issues with Biden’s relationship with the oil industry and how he 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 toward the nation’s top 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 said.

He also said the president should play nice with the semiconductor industry to get more American production going, and that the tech firms and their clients are “failing us too” for not harnessing its services to solve economic issues like the worker shortage.

“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 said, referring to the bill aiming to incentivize investment in the U.S. semiconductor industry.

Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.



Source

Art market offers investors ‘escape’ from volatile stocks, Christie’s CEO says
Business

Art market offers investors ‘escape’ from volatile stocks, Christie’s CEO says

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The art market is about to face its biggest test since the November elections, with more than $1 billion of work […]

Read More
Candy giant Ferrero adds American twists to Nutella, Ferrero Rocher to fuel U.S. growth
Business

Candy giant Ferrero adds American twists to Nutella, Ferrero Rocher to fuel U.S. growth

Containers of Nutella hazelnut spread made by the Ferrero company is displayed on March 27, 2024 in San Anselmo, California.  Justin Sullivan | Getty Images News | Getty Images Ferrero North America is adding peanuts to its Nutella, turning its Ferrero Rocher spheres into squares and adding Dr Pepper flavor to Tic Tacs, all in […]

Read More
Bill Gates doubles giving to 0 billion, says philanthropists can’t cover government cuts
Business

Bill Gates doubles giving to $200 billion, says philanthropists can’t cover government cuts

Bill Gates arrives for a press conference to launch the Global Polio Eradication Initiative at the European Commission’s Berlaymont headquarters in Brussels on October 11, 2023. Simon Wohlfahrt | Afp | Getty Images Billionaire Bill Gates announced on Thursday that he will double his charitable giving to $200 billion over the next 20 years. In […]

Read More