“It’s almost as if the whole world has turned communist and the last thing the pols want to think about is the possibility that business may be hurt by their policies,” he said. “And you know what makes this state of affairs even more ridiculous? Only the corporations can get the world’s governments out of the hole they’ve dug for themselves.”
Cramer noted that the United States has racked up debt for such things as “confused wars” to “universal healthcare,” things that he argued can’t be repaid simply by cutting spending or raising taxes.
“We need to have more revenue growth to raise tax receipts. We need to grow our way out of this jam, not cut our way out of it,” he said. “So to hear Sandy Cutler, the CEO of Eaton, come out on this show and say that the fiscal cliff is causing potential buyers of trucks to hold off on their purchases is just devastating, as devastating as when Bryan Jordan, CEO of First Horizon, told us the fiscal cliff’s crimping loan demand, the necessary precursor to hiring, not to mention better earnings and higher tax receipts.”
Look across the Atlantic, and things are worse.
“Almost every single international company I follow gave you an ‘if not for Europe’ notation that kept anyone from being enthused despite solid growth in the United States,” he said.
Cramer noted that UPS and DuPont used the European disclaimer in their earnings reports.
“Even McDonald’s had to talk about how you need a super value meal to attract diners even in places like Germany, which has been pretty strong for some time,” he said.
So, who has the right idea?
China’s Communist Party officials, Cramer said, are “actually trying to work some pro-growth magic.”
It hasn’t happened yet, though, as Eaton’s Cutler and YUM Brands CEO David Novak, too, have cited a slowdown in China sales.
All said, Cramer added that he expected the Chinese to turn things around first by recognizing the importance of growth.
“I bet China turns first, which is why you can’t be totally pessimistic, as you’d otherwise be if you simply took a look at the future for the U.S. and Europe, a future that seems to dim solely because of the endless squabbling by our elected officials, who are put into office precisely to solve the problems that they happen to be creating,” he said.
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