Either way, there is no avoiding low growth. So what if the Fed does raise interest rates? Cramer spelled out what this could mean for your portfolio.
"Welcome to the world of intense rotations, which have already begun since the Fed signaled in 2014 that things were getting too good to stay accommodative," the "Mad Money" host said.
If this were the old days, Cramer would recommend investors go for industrial stocks because their earnings will improve as the economy improves. However, that is no longer possible as most big industrial companies have become too dependent on overseas earnings, and a stronger dollar will create challenges as cash floods into the U.S. and away from countries across the ocean.
Cramer also warned investors to be careful when reaching for trades that have always worked in the past. In addition to skepticism about the industrials, that also means investors must be careful when buying large tech companies that have exposure to Europe. (Tweet This)
One group that always benefits from higher rates are bank stocks because higher rates mean they earn more money from cash deposited. But what else will work besides the banks?
Cramer said companies that have the biggest year-over-year earnings revisions, such as the U.S. industrials that do not have a lot of overseas business, are a good bet as are the high-growth stocks that aren't dependent on economic growth to do well, but can get a boost from the economy doing well. He also recommended restaurant and retail stocks that have already benefited from growth.
Ultimately if rates go up, Cramer says investors should move towards more economically sensitive stocks. However, it is important to recognize many international stocks may not do well because of overseas exposure and a strong dollar. In that case, gold could become the go-to play on inflation.
Read More Cramer: Best stocks to buy as the Fed tightens
"We recognize that the stocks bought for yield will be sold and that bonds with low coupons—low interest bearing paper—could be dangerous," the "Mad Money" host said.
With this in mind, many investors will want to create short positions against the market. And while Cramer is not allowed to create short positions in his Charitable trust, he did short almost every day when he worked with Karen Cramer at his hedge fund. In fact, Karen Cramer hated long positions and loved the short side.
And Cramerica is just in luck, because Karen Cramer shared her short-selling rules with Cramer. Rules that are timeless and can still be applied today.
Rule No. 1: Called the Business Week cover rule. At the time, this publication often featured companies on the cover and when it did the stocks jumped. Thus the rule to never short a company that could be on the cover of a big publication was born.
"I have augmented this rule and it's very simple: never short a best-of-breed company. There are so many crummy, awful companies out there, why bother to short a company that is a standout that could be considered among the best of the best just because you are hearing a negative story? Move on," Jim Cramer said. (Tweet This)
Rule No. 2: Ask yourself, can the company be taken over? If it can, then don't short it. Cramer was burned on this rule three times in his career, and when he looked back he remembered that there were takeover rumors about all of them. He ended up taking a loss on all three companies.(Tweet This)
"I know you might be itching to short. I am just begging you to realize that there is substantially more downside and you must be much more disciplined if you are going to pull it off right," the "Mad Money" host added.
In that case, it might be a better idea to raise cash and be ready to use it in the next Fed-related downturn.
Read MoreCramer: Short sell like a pro! My top 6 rules