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Cramer: Fed rate hike 'good for nothing'

CNBC's Jim Cramer had one question Wednesday: Where are all the U.S. rate-hike supporters now?

Recent U.S. economic data — particularly retail sales, housing starts and consumer prices — have disappointed economists. Meanwhile, U.S. markets are off to a poor start for the year, having fallen into correction territory, or down at least 10 percent from their 52-week high.

"There were many people who came on our air, over and over again, and told us that a Fed rate hike would be good for the economy," Cramer said on "Squawk on the Street." "It was good for nothing. All that's happened is that auto [sales] have peaked, the housing numbers today were just disastrous."

The Federal Reserve in December raised rates for the first time in almost a decade and suggested it would make four hikes in 2016.

However, Cramer said the Fed might have to add more liquidity into the economy if the markets, as well as the data, continue to disappoint.

"But they don't want to say that because they'll look like idiots."