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Biden must work with large enterprise to beat inflation and assist the economic system, Jim Cramer says ImpRead

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Biden must work with large enterprise to beat inflation and assist the economic system, Jim Cramer says


CNBC’s Jim Cramer on Thursday mentioned President Joe Biden must crew up with enterprise leaders with a view to convey inflation down and assist the economic 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 mentioned.

“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 mentioned he particularly has points with Biden’s relationship with the oil trade and the way he believes it would not bode effectively for skyrocketing fuel costs, pointing to the time the president mentioned “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 mentioned.

He additionally mentioned the president ought to play good with the semiconductor trade to get extra American manufacturing going, and that the tech corporations and their shoppers are “failing us too” for not harnessing its companies to resolve 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 mentioned, referring to the invoice aiming to incentivize funding within the U.S. semiconductor trade.

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

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