As President Barack Obama laid out a $447 billion jobs package of tax cuts and government spending on Thursday, Cramer unveiled his plan for job creation on "Mad Money."
"You drop the ideology and you go where the jobs are already happening," Cramer said. "I’m talking about oil and gas, an industry that wants to hire and just can’t find enough bodies to get the job done."
Two weeks ago, Cramer broadcast from the Bakken shale in North Dakota, which may be one of the largest oil discoveries in U.S. history. Right now oil companies are having difficulty getting enough people to drill the 48,000 wells that may be needed to get at the 24 million barrels underground, as well as lay the pipe and rails needed to transport it.
Companies that want to bring oil to the market, including and especially the pipeline builders, have great capital intensive needs. Pipeline companies build the infrastructure slowly over time because of the capital intensive nature of the process, Cramer explained.
"The government could offer loan guarantees that will accelerate the process and create tens of thousands of higher paying jobs at the same time," he said. "Pipelines produce steady income once they are finished so the credit risk is almost nil."
The government can pay for these guarantees by issuing $500 billion in job creation Treasuries, Cramer said. After all, they would be able to take advantage of the very low rates. The money could then be lent, or used to back to the companies' debt issuance. It could also be used to convert surface transportation vehicles from gasoline to natural gas.
"You want jobs? Go to where they can be created quickly where there is real demand, rather than trying to stimulate demand and ultimately failing," Cramer said. "Issue a half a trillion in bonds that yield a stingy 2 percent and back the fastest growing industry in our country, drilling, handling and shipping fossil fuels. It’s practical and it will work."
Reuters contributed to this report
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