The global semiconductor shortage remains in focus following a White House meeting with top technology and automaker CEOs.
Consulting firm AlixPartners said Thursday that the ongoing shortage will cost the auto industry $210 billion in lost revenue this year, globally.
Calling the approach to the chip shortage "insanity" on Real Money, Cramer had a simple suggestion for the Biden administration: Start treating semiconductors as an issue of national defense.
"Why is this a civilian issue? Why isn't it a defense issue? Why can't President Biden acknowledge that this $52 billion, bottled up in the House, can only get to where it's needed if the Defense Department speaks up and says that if the PRC decides to takeover or squeeze Taiwan than we might fall behind them in their expansion," Cramer wrote.
Commerce Secretary Gina Raimondo told Bloomberg Thursday that instituting the Defense Production Act remains on the table as the department continues to seek information on company supply chains.
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