did you know, lauren, charles lindbergh, in 1927 flew from america to paris nonstop. became a global celebrity. many years before amelia earhart flew from honolulu to oakland, california. bet you didn't know that. >> i learned something from you stuart every day. stuart: well i was there. ashley webster in for neil cavuto. how are you doing, lad? ashley: i wonder if a meal yu erhardt had to go into quarantine from hawaii to california. that is story another day. welcome to cavuto "coast to coast." i'm ashley webster in for neil. ashley: our top story, consumer

prices higher in four decades. john catsimatidis is here. white house health officials grilled on capitol hill whether federal funding for covid test something being used for other purposes? former hhs secretary tom price will be here to tackle that issue. he will be up right ahead. also cashing in the on the crypto craze. the ceo of binance is now the world's richest cryptocurrency billionaire, worth a mere $96 billion. we'll be talking to him coming up. meantime first, let's get to the inflation story, hitting fastest pace in nearly 40 years as consumer prices soared 7% over just the past 12 months. this as farmers warn of more price hikes to come. grady trimble is in princeton, illinois, with more on those details, grady. reporter: hey, ashe, america's farms are the first step in our country's food supply chain.

they are dealing with extremely high prices right now. you can see what they're doing today is hauling grain. this is oy beans being loaded into the truck. one of the reasons that they are paying more in general is because fuel costs have gone up but evan, the farmer out here in illinois will tell us it is not just fuel prices are a lot higher. it is just about everything you need to do your job. >> everything from fertilizer, equipment, capital investments with our operating, everything, has gone up. reporter: eventually that does trickle down to grocery stores. we saw from the cpi numbers today meat prices climbing higher. beef up 18% from a year ago. all the other categories also higher from last year. that is because you know, livestock is fed your corn and soybeans. if you're paying more eventually it will trickle all the way down to the grocery store. >> not a direct correlation with all the hands of people between the two steps, eventually our

corn and beans get sent to livestock which goes into meat on grocery store shelves. reporter: in your view how long does this last? >> we're strapping in for a year or two. hopefully it will be less. historically it seems to hang on for a while. reporter: ash, farmers deal with unpredictability with weather, harvest, when to plant this, is just another element of that. they don't know whether prices will come down. as you heard from evan there, that impacts all of us too. ashley: certainly does. oh, to be a farmer, a real challenge indeed. grady, thank you very much. from the farm stand to the supermarket shelves, the white house facing growing criticism for the ongoing supply chain headaches, #bareshelvesbiden, that is going wire on social media. edward lawrence at the white house with the latest on that part of the story. edward. reporter: exactly. and the numbers that grady, the numbers show exactly what grady

trimble was describing out there on the fields. the market got the 7% that it thought it would get year-over-year inflation. that is the reason it opened up. kind of settled back down. sort of around flat right now but still we haven't seen these numbers, inflation numbers since 1982. that year was a severe recession, started recession for the u.s. it was also the year "e.t." was introduced. the two are not related. this is what people look at the at grocery store in general. gas prices of all type went up 49.6% over the past 12 months. winter, cold one at that, fuel oil to heat your home up 41%. when you look at food, cereal, bakery products up 4.8%. that alone is more than the increases in wages over the past 12 months. meat, poultry eggs, up 12 1/2%, vegetables up 5%. questioning, republicans are questioning the president's policies. >> so the economy will take off on its own.

it did not need stimulus. stimulus was the last thing you should do, combined with the other thing you shouldn't do to pay people to stay on the sidelines and not take the jobs that were available. this inflation is caused by democrat policies. didn't just happen. this is the democrat tax on the middle class. reporter: part of the reason we're seeing this inflation and supply chain issues and those empty shelves you showed, federal reserve chairman jerome powell testified the supply chain is not fixed. that's the reason that the fed no longer uses the word transitory. >> we said that because we thought the supply side bottlenecks and shortages would be alleviated much more quickly than they have been. there is no empirical experience with this before. we haven't had the global supply chain collapse. we haven't had this kind of a labor force shock before. so we, essentially all other mainstream forecasters forecasted that by now we would be seeing much lower inflation. reporter: he added that we should see the supply chain

issues work out by the end of this year. we'll have to see if the store shelves get stocked again. back to you, ashley? ashley: yes indeed. edward, thank you very much let's bring in d'agostino food ceo, john catsimatidis. john, good afternoon to you. you said we could see more meat and egg shortsages of the supply chain crisis? >> that is correct. over the next 30 to 60 days as omicron is building up, people staying home for five or 10 days, depending which city in our country, depending on what state we're in, there could be anywhere from 20% to 50% of warehouse workers not showing up, truck drivers not showing up. loaders of the trucks not showing up. and combination of people not showing up, people staying home

because they were getting paid to stay home, and the combination of increase -- you have oil over $80 a barrel again. the costs of transportation, that is what is causing the crisis in our stores and in our cities depending which region in our country you're in. i said the other day, neil, we talked about it, that if we turned on the gasoline and the crude oil from canada and from alaska, i bet you, i bet you the crude oil would go down down to 55, $60 a barrel in the next 60 days. that would solve the inflation problem. if we get rid of omicron next 60 days, and solve the problem of getting enough crude oil in our country, we could solve the problem in 60 to 90 days. you just need smarter people in washington. ashley: that is not going to happen, john, i hate to tell

you, that is very unlikely at this point. so the question being how long do you think these disruptions will continue? both to the supplies you're getting and also the worker shortage which you just described? >> the worker shortage, because of omicron should go away next 60 days. if that goes away, if there is no, what is the next number after omicron? you know nnop. if there is no other, that is it. popicron, if there are no other diseases i think the problem will be solved in the next 60 days as far as labor shortages, people not coming to work. as long as the government doesn't say, let's pay everybody to stay home again. you know you can't pay people to stay home. ashley: you can't, no. have you had to pay workers extra perks and rewards to get them to, a, you know, take the

job with you, or stay on the job? >> we are, we are always worried about our employees. we worry about, whether we have a sickout of about, low number in new york, less than 10%. ashley: right. okay. listen, i want to get into this issue. we -- >> but everything could fix itself. all we have to do is fix it. ashley: just have to fix it but i want to get on to this issue, quickly, john, offering a 10,000-dollar reward, to help find killer after 19 burger king cashier by the name of crystal. this poor young girl was on the job three weeks when she was shot and killed. just a horrible story. >> i had tears in my eyes and nobody has the courage to stand up. somebody, people are, american people have to have the courage to stand up and say, you know, we'll pay enough that your own

grandmother will turn you in. that is what it comes down to. we need law and order in our country. look, taxes, everything could be worked out but we need law and order in our country and, people have to stand up and say to the politicians are you pro-criminal or pro-law and order? if anybody stands up and does that, it will be a better country to live in again. ashley: we live in hope, john. thank you for joining you today. by the way, that robber who fatally shot that young girl. ashley: she already gave him 100 bucks. i have no idea, just crime in the city. we got to get tough, to your points, john. we're out of time. thank you very much for that. also for offering that reward in that case. thank you very much. all right. wondering why it is taking so long to get a covid test? one lawmaker says because the money slated for testing was

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ashley: republican senator susan collins pressing the biden administration on whether federal funding for testing is being used for other purposes. just listen to this. >> our staff investigation found that $850 million out of the testing budget and another $850 million out of the allocation for the stockpile were instead used to deal with the crisis at the southern border. i think that this is a problem that has contributed to the shortage of testing. ashley: i can't get my head around that. are you kidding me? let's get reaction now from former health and human services secretary dr. tom price. doctor, what do you think of that? >> well, this is the problem

with appropriating large amounts of money. it becomes very difficult to track, especially in an emergency where the president or the administration can do what is called repurpose or redirect that money. the president has huge latitude where it goes and clearly with the testing challenges, the amount of money that has been needed for testing hasn't gone to testing. as senator collins said, we know $850 million at least went to the southern border to take care of the challenges created by this administration but there has been little transparency, accountability where this money has gone. that is a major problem. ashley: it is a major problem, given the fact that the administration was so slow to not to react, given by some accounts last october a warning that you need to get this, testing programs set up. they didn't do it but now we hear that money that they did receive is being shunted down to the southern border. that is adding insult into

injury, is it not. >> it is. $10 billion with a b, $10 billion left with amount of money appropriated for testing. the administrationly through the hhs indicated they want more money. i would suggest they provide an accountability for where the money has already gone before they get anymore money at all f folks want more information on this, they go to gao.gov, the government accountability office website, goa.gov. the gao made over 200 recommendations about how to better gain trust of the american people, provide transparency and accountability of this money. the administration has taken on very, very few of those recommendations. ashley: i just noticed some numbers put out, doctor, maybe you can comment on these, hospitalizations, this is the cdc, are up in the past week 33%. deaths are up 40% but they're saying it is the delta variant that is more at play there than

omicron. >> yeah. indeed. what we've determined from the omicron variant the hospitalizations are up due to the number of individuals that are infected but the severity of the illness is significantly less and the mortality from the omicron, 98% of what is happening in the united states right now is less than the mortality from the flu. so it is important that we put all of this in context. make certain that we can move on. it is time to get society back open. it is time to make certain schools are open, get our society moving, getting commerce moving, getting the economy moving. you see the effect much some of this today with the inflation numbers. 7% last month. the american people are not going to tolerate this. so we've got to make certain that we begin to move back toward a normalization of our society. ashley: also, doctor, this was also kind of piqued our interest. european union regulators are now warning that frequent covid

boosters could weaken your immune system. what do you say to that? >> yeah. all of this is an unknown. and so the studies are ongoing about that and other things. israelis are studying whether a fourth booster was appropriate. they're moving forward on those over 60 but those immunocompromised. the on heft answer we just don't know. there is not at amount of time to study it and determine what the long-term consequences of all this will be. ashley: very quickly, doctor, do you think we'll see the peak much covid cases in the coming weeks? >> i think we'll see the weak of the omicron cases. now whether or not there is another variant or another mutation that will occur it is quite possible that would happen. how that affects our society is yet to be determined but as i say, we need transparency and accountability on how the money has been spent already. we need to make certain we get back to a more normalization of

our sight. ashley: yep. very good, we'll leave it there, dr. tom price, thanks for joining us today. appreciate it. thank you. well as the u.s. sets new records for covid hospitalizations, the white house announcing it will give schools a monthly supply of 10 million covid-19 tests to keep kids in the classroom. fox news correspondent jonathan serrie is now in atlanta with the latest. jonathan. reporter: hi, there, well-fed ral health officials are pointing to increasing evidence that omicron variant is producing less is sear ruse dedisease than previous. keyser study found symptomatic hospitalization with omicron was 53% lower than it was for delta. risk of icu admissions, 74% lower, risk of mortality 91% lower. the tradeoff is though that omicron is so much more contagious more people are

getting it. here is what this could mean long term. take a listen. >> we're not going to eradicate. we've only done that with smallpox. we'll not going to eliminate that. that only happens with massive vaccinations programs like we did with measles and with vaccines but we ultimately will control it. reporter: the biden administration is increasing its emphasis on testing as a way of keeping schools open and the economy running during the omicron surge. the white house has named johns hopkins epidemiologist dr. tom engles as its testing coordinator. biden administration says it will provide schools with additional 10 million free cocovid tests per month. this would double the capacity of testing for schools back in the fall. >> this announcement is further evidence we're listening and we'll do everything we can to keep our schools open. the tests, but connections with labs to make sure it is sustainable for our districts is

critically important as we keep our kids in school. ashley: more than 145,000 u.s. hospital patients have covid-19, surpassing the previous record set last january. the figure includes patients who came in for unrelated conditions but tested positive for milder, even asymptomatic covid infections. even with these relatively minor covid infections hospital staff who test positive still have to stay home for at least five days so they don't infect their patients. so as you can imagine, that continues to put a huge burden on the nation's hospitals. back to you. ashley: certainly us did. jonathan, thank you very much. coming up after the break, dr. fauci caught on a hot mic calling kansas senator roger marshall a moron after testy testimony on capitol hill. senator marshall will be here to react coming up. >> you are totally incorrect. >> we're reviewing it. >> senator marshall, dr. fauci

has answered you it is public information. happy to give it to you if you would ask. senator moran. >> what a moron, jesus christ. deposit, plan and pay with easy tools from chase. simplicity feels good. chase. make more of what's yours.

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♪. ashley: hey big spender. the government's big spending leading to even bigger concerns over our deficits. by the way we are getting brand new numbers today, disturbing numbers i'm sure. our own gerri willis is here to break it all down for us. gerri? reporter: ash, very good to see you. that's right, as talk is growing on capitol hill we need even more covid stimulus spending the government's budget is expected to fall deeper into the red when the treasury department releases

its monthly spending report later today. the congressional budget office has estimated the government spent 1.4 trillion in the first three months of fiscal year 2022, resulting in a 377 billion-dollar deficit. now that spending follows more than five trillion dollars in covid relief funding passed by congress since the start of the pandemic. with omicron variant raising caseloads to new highs, some like house majority leader steny hoyer are saying more spending is needed to combat the surge. others like federal reserve chairman jay powell are warning additional covid relief isn't needed because the economy, as he said in his confirmation hearing yesterday functions right through these waves of covid. he said the bigger threat to the economy is inflation not covid. listen. >> the economy no longer needs or wants the very highly accommodative policies that we've had in place to deal with the pandemic and the aftermath.

it is really time for us to begin to move away from those emergency pandemic settings. reporter: meanwhile maya maginnis, president of the committee for responsible federal budget, warning while borrowing was needed to help the economy during the recession, and economic conditions are very different and more borrowing would make debt an inflation work. said there is no need further fiscal stimulus. in a senate hearing yesterday, senator susan collins said $850 million was used foretesting was used at southern

border. inflation stands debt stands at $29 billion and that is burden borne by future generations. ash, back to you. ashley: you're absolutely right, gerri. what will they do down the road. big spending indeed. to talk about chief market strategist shana sissell joins me with how investors are reading the idea of more stimulus. good afternoon to you. what does that mean ton an investor's point of view? to jay powell's point, highly accommodative administration pumped so. money into the economy seeing 40-year high inflation. how do investors take all of this in? >> i think powell's comments yesterday really calmed market and investors. he suggested that the economy

did not require aggressive tight ing at this time. inflation numbers came in as expected 7% but monthly numbers higher than expected. transitory items, used cars, travel, those types of things are seeing accelerated gains in inflation. cost of living is going up. there is a lot of conflicting information here is concerning and investors should be concerned about going to infect the economy and stock market. those are the things they should be paying attention to. ashley: we know big tech, always been such a leader has really been hurt as the 10-year treasury yield has calmed down, taken money out of big tech and nasdaq has taken it on the chin but yesterday we saw that as a buying opportunity, we see the big tech numbers dip a little bit. what is your take on the

technology sector? >> that was a little bit of a relief rally. i'm not sure anything that change that suggests that technology would be a buy here. higher interest rates is not good for high growth companies. it es bet forecyclicals, defensive growth kind of names, dividend payers and the like. a relief rally based on the market feeling, you know, better based on powell's comments. still a lot of concern about the economy in a lot of different areas. you have employment. renewed lockdowns. renewed restrictions, potential we get even worse not better. you have supply chain disruptions. i could go on and on. there are a lot of things i'm paying attention to that concern me. and so i definitely am being defensive in my portfolios. tech is not a place i'm excited to go into right now. ashley: it is interesting. that long list that you gave of headwinds almost paralyzes you.

there is still a lot of cash on the sidelines, we know that. but you caulk about defensive measures. i warranted to bring up, food timing, producers the financials there. you would imagine rising interest rates financials would be a good pick. >> rise in inflation and rates would be positive for banks. another area strategic wealth partners are getting bullish-like reits, where you have the high dividend payers. these are kind of the areas we're looking at. they're not sexy, they're a little boring, let's be honest. not quite the pell tons, and nvidia sexy a.i. stuff but will do better in rising rate, high inflation environment for sure especially given the economic head winds. ashley: as long as they don't lose your money they're sexy,

that is what we say. we're out of time. shana sissell thank you for your insight today, thank you. >> thank you. ashley: thank you. after the break, why critics say the white house is too focused on a fake problem when it comes to the voting reform push. we'll discuss that issue next. ♪

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think is considering instituting new lime limits or ban on holding equities if the gop wins back the majority in november. >> the speaker of house has all the power, determines what bill comes to the floor, whether it gets marked up or not, what does her husband do? he just not invests other buy as stock. buys options for tech companies debating those business. only one person knows whether they wilt pass the house or and he makes million dollars in a month. reporter: georgia senator jon ossoff can introduce legislation. that spouses and children but stocks in a blind trust while members are in office. senator chuck schumer sounds open to tougher standards. >> i haven't seen what mccarthy says and i doesn't know any stocks that is the right thing to do. reporter: after a published

report suggested 54 members of congress have violated a law designed to stop insider trading and prevent conflicts of interest. >> we have a responsibility to report the stock, on the stock, i'm not familiar with that five month review but if people aren't reporting they should be. >> why can't you -- >> because, this is a free market and people, we're free market economy. they should be able to participate in that. yes, ma'am? reporter: politics are interesting with some conservative and progressive voices in favor of new rules. ashley. ashley: very interesting, mike, thank you very much. now on to this subject, joe biden's education secretary miguel cardona facing calls to resign after new emails suggest that he asks the national school board association to send a letter comparing protesting parents to domestic terrorists.

unbelievable. fox news white house correspondent jacqui heinrich is at the white house now with the details. jackie? reporter: good afternoon to you, ashley. that string of fiery school booed meetings where you had parents upset over critical race theory prompted the national school board association to send a letter to president biden asking for action against those protesters. it referred to those who were making the threats as domestic terrorists. that prompted a response from the justice department and now there are allegations from this interest group about a level of coordination between the biden administration and the group that sent this letter, the national school boards association. the group, parents defending education, who mission is to defend schools from activists promoting harmful agendas, released this letter as part of a public records request they filed. we've not seen the full content but a portion they released shows school members of the national school board

association discussing controversial letter they sent to biden, describing it as a request from education secretary miguel cardona. one member writings to another asking if the bored's process was followed drafting the letter describing parents as domestic parents. i'm very concerned about the process which the statement was made and the tone essentially allowed the white house to direct the attorney general to consider members of our community domestic terrorists. another member replies saying interim ceo, chip slavin, told officers he was writing a letter to provide information tote white house, a request from secretary cardona. the department of education denies that secretary cardona made this request. a spokesperson telling fox news while the secretary did not solicit a letter from nsba to understand the views and concerns of stakeholders the department routinely engages with students, teachers, parents, district leaders and education associations but the parents group defending education says this email shows a high level of coordination.

>> it is completely diabolical. this is the evidence. this email that we have not only, justice department involved in this diabolical plan but also now the education department. i mean it is real miscarriage of governance and we the parents are not going to shut up. reporter: national school boards association later apologized for the tone of that letter which referred to parents as domestic terrorists. they took it down and disavowed it, ashley. ashley: jackie, what a mess. meantime forget education, covid and inflation. the white house and democrats now determined to change the filibuster rules to pass voting laws. gritted critics calling it a fake problem. we have katie wiley. great to see you. good to see you. you can almost hear the pivot with the biden administration, when they have problems with

covid testing, handling the pandemic, inflation running rampant. they're trying to change the subject into these voting laws, saying republicans are trying to undermine democracy. what do you say? >> absolutely. things are not going well for the biden administration right now so of course we'll take a turn to a completely hyperbolic, made-up situation that only exists within the biden administration's imagination. if you heard his speech yesterday it really was an insult to the american people to suggest that georgia's voting law and other republican state has have passed similar measures is a akin to the next jim crow era when new york, a democratic-run state has far more restrictive voting regulations than georgia or any other republican state does for that matter. ashley: it is interesting. the bottom line of all of these arguments whether it is reducing the number of voting days, the claims access to mail in votes are being denied is the

insinuation that republicans are trying to dampen voting by minorities. that is at the very basis. that is the points of this challenge. i think that is simply not true. what say you? >> that is certainly what they are trying to accuse republicans of but you're right, it's not true because again it is easier to vote in georgia technically based on the state's new law than it is in new york. if anything then democrats should being accused of suppressing minority vote in new york. the point that democrats say this anytime republicans try to pass election integrity reform that does not suppress the vote but shores up the election process to restore integrity and trust in that process. for example, they completely, they oppose basic proposals like voter i.d., even though those proposals are vastly popular among the american people because they just make sense. now why else would you be opposed to voter i.d. unless you were just trying to open the election process up to all sorts

of fraud? that is the only explanation. ashley: yeah. you know, soon as you say that, kaylee, reminds me you need a vaccination card and i.d. to have a meal in new york city but not apparently any idea to vote which is a sacred responsibility. people have fought and died for that. here we are just low throwing it away like confetti to anybody that wants a vote. basically the democrats want a national election standard but each state has its own ideas of how it wants to conduct its elections. so i think it's a nonstarter? >> it certainly is. i don't think that any moderate democrat including joe manchin or krysten sinema are going to go along with it, mostly because they don't want to abolish the filibuster. trying to federalize the election process when states are explicitly give the right in the u.s. constitution to dictate their own election rules for their own elections, it is

completely unconstitutional. it would really be unheard of as well. ashley: all right. we'll have to leave it there. i can feel the outrage building within me. i will have to take a deep breath. kaylee, thanks so much for joining us today. >> thank you. ashley: insight on the reform of voting laws. crazy stuff. thank you. coming up democrats pushing for more irs surveillance, oh goodie, as taxpayers prepare for what promises to be an irritating tax season ahead. former irs commissioner mark everson will join us after this. ♪

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♪. ashley: just as the tax season is fast approaching the irs is now warning the paperwork backlogs and difficulty reaching employees on the phone could cause delayed tax refunds. be prepared, be patient. it will be frustrating in other words. on top of that the biden administration pushing for more irs funding and surveillance. oh, boy. former irs commissioner and aliant group vice chairman, mark everson joins us right now.

mark, that is not a very good prediction, is it? enormous challenges ahead when the tax season begins. let's begin firstly, they have a huge backlog, do they not of several million returns from previous years to get through? >> yes. ashley that is entirely correct. it's a terrible problem. i don't know if you're racing fan but i go to the indianapolis 500 every year, if there is a crash you clean up the track. what the irs has, it has debris on the track from last year, millions of returns that haven't yet been processed. that is a terrible problem as a starting point for the new filing season. i can just tell you at alliant group we work with cpas across the country and taxpayers. everybody is worried. ashley: yeah. then you have the added complications i guess ever, you know have to account for child tax credits, account for stimulus checks.

>> yes. ashley: which leaves open the door for more mistakes, more congestion so to speak? >> that is entirely correct. look the irs has done a great job, gets high grades for shoveling the money out of the door on the relief payments and child tax credit and things you mentioned but it converges with a shortage in funding they have had historically. then the pandemic hit and they closed up the offices and they got way behind. so in terms of individual returns, yes, my advice to taxpayers is be very careful in preparing the return. make sure you properly account for moneys that you have received and you, extra careful this year in terms of getting everything right, because if the problem is, ashley, if it is, if it is automatically done, you will be fine. if it takes human intervention good luck. ashley: yeah. take the human element out. mark, what about all of this money that the biden administration wants, well, for

surveillance certainly? is that needed? >> well, it is really a two-part proposal. one was augmentation of funding for people and technology. i support that but not to the degree that the biden administration has proposed. they propose 80 billion of 10 years. they need real growth three to 5% a year. the piece where i depart on, their party reporting, bank account information reporting i think that pretty well died. i don't think that will be in any legislation that comes forward and i'm glad about that. ashley: why is the tax code so complicated? i mean i go back to steve forbes always saying a flat tax, fill it out on you know, the return should be the size of a postcard? that would be a dream, would it not? >> yes, but here's the thing, ashley, it is about, it's a

function of our representative form of government. have you ever heard a senator running in new jersey say vote for me, i got you the same deal as the people of california? not how it works. they write in special provision provisions, and every time you write in a new provision there is more complexity. ashley: wow. to your point then to wrap this up, mark, if you want your return try to avoid human intervention as much as possible, go online, do it online and have a direct deposit, right? >> that is exactly right. ashley: all right. you heard it here first. mark everson. are you one of those that gets it done early? >> no. you know i've got a complicated return and, you know, that's, that is just how it is. ashley: all right. i get it. thank you so much, mark. appreciate your time today on the upcoming frustrating tax

season. we have been warned. coming up after the break we will take you back to the last this country saw inflation rise 7% year-over-year. nostalgic look back if you like. more "cavuto coast to coast" when we return. ♪. [sfx: radio being tuned] welcome to allstate. ♪ [band plays] ♪ a place where everyone lives life well-protected. ♪♪ and even when things go a bit wrong, we've got your back. here, things work the way you wish they would. and better protection costs a whole lot less. you're in good hands with allstate.

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♪ ♪. ashley: i know you're thinking about that was physical by olivia newton-john who had the top single in 1982. 1982, the last time we saw inflation rise at this level in this pace with consumer prices jumping 7%. olivia newton-john with john travolta pre-to give you an idea of how historic this is let's take a look at what was happening in 1982. we met alex keaton the iconic conservative team played by michael j fox when the sitcom family ties made its tbd beale. ronald reagan was in the second

year of his presidency and battling 6% of inflation and soaring all prices in speaking of oil, consumer outrage ensued as gas prices hit an average of a dollar 22 cents back in that year, today $3.30 per gallon. then there is me, ashley webster this is a few years after 1982, graduating college we have dreams of a journalism career and maybe one day, just maybe i would fill in for neil cavuto. yes, dreams do come true. look at the faraway look, i had to share that. senior analyst phil flynn joins us now. where were you back in 1982. >> i was trying to keep my hair and, it used to be a lot bigger back then. i had to squish it in a little

bit. but it's been a long time. but i remember the outrage i'm old enough to remember the first time gasoline went to a dollar a gallon and it was a big outrage across america because a lot of the pumps could knock over a dollar they stopped at 99.9, how far we've come now they can go to $10 a gallon or even higher. ashley: we should bring those back. we know prices are up in the gas prices the average $3.30 regular is there any relief in sight with these gas prices? >> i'm afraid not it looks like were in era of higher gasoline prices, it is a self-inflicted wound to a large degree. when you look at these inflation numbers today you see these prices up 50% and we understand there's a lot of components there is the omicron, the covid-19, the shutdowns, probably the biggest reason we

are seeing this rising overall inflation is the pullback in the u.s. energy sector. with the u.s. energy sector they kept everybody else in the world in line, opec was afraid to cut production because we had this energy producer willing to fill the void. but under the biden administration with fears of demonizing investment and fossil fuels and more regulations they are not afraid of us anymore, that is one of the reasons we see these prices at the pump. ashley: what is disappointed administration that wants to spend like a drunken sailor while inflation continues to rise. it really hurts middle and lower income people in this country because even if they are working to getting better wages it is still not keeping up with the rate of inflation it is hurting a lot of people. >> you're right the real wage

was to report was the worst we've seen that is contracting when you look at the cost of food. you look at today's numbers and you look at when they exclude 7% but when you exclude food and energy working on a real service to people across america because there's a lot of people that do not others inflation and people who do not eat and do not drive and do not heat their house, before you exclude the out of inflation numbers i think those people are hollywood stars. i have not found these people but listen the bottom line people are feeling the pain of the higher prices across the spectrum. food, housing, apparel, travel, rent, used cars, the going through the roof. one thing that we can do there may be stuff out of our control, fiscal policy if you have that under control, that policy but the one thing we can do is send a commitment to the world that were not backing away from u.s.

energy burger to go full speed ahead. i think that's going to take a step of putting the rest of the world on notice that we know fossil fuels will be a big part of the future and we need to investigate prices low. ashley: amen will have to leave it right there. you're absolutely right but no relief in the near future. thank you very much, bring back the mustache. another issue hitting businesses treat the labor shortage as normal people quit their jobs. our next guest says the biggest issue his company is facing, founder and ceo of hercules mulligan company joins us now. it is a familiar story but for people like you trying to keep your business running how chronic has a labor shortage been for you? >> is very difficult to find talent.

>> are tickly in the pandemic you can be anybody in the relationship business we sell to bars and restaurants. it's very hard to find people, interviewing people a resume is different than shaking hands and sitting across the table from someone. very different. ashley: it really is. have you been forced to put perks, signing bonuses, that kind of thing to attract more people? >> we are a startup building brand in the middle of a pandemic. we have really relied on the gig academy. a lot of people are looking for 1099 type structures where it is 20 hours a week versus 40, you can get a lot better talent. the other tool is equity we can attract people with having a part of our company. the long-term game has been really helpful building hercules mulligan very much so. ashley: equity is a great incentive because you're working as a part of the company.

what about the supply chain issues that we are all facing. how has that hurt your business? >> we have a very complex supply chain. hercules mulligan, three different caribbean and american that's three different caribbean countries we have to produce and shift from three different distilleries, shipping is been very expensive just getting a trucker or driver or a ship, our bottle comes from france, one supplier we can get it and uniquely the custom cap made here in brooklyn sounds easy enough. this was our pandemic project we launched all direct to consumer product that just took off and we had only 2000 bottles of supply and we needed more caps and when we produce more caps in brooklyn everyone was sick from covid and put a lot of strain on

our production. the good news is scarcity creates demand but the bad news demand for a couple of months was hard. ashley: that's a good problem to have, if you had to up the price because the extra cost of getting the materials? >> we have not, we had margin decompression but were a new brand we know the long-term will work its way out. we were able to get on the glass and which is a big cost from her business, a decent supply early on we took a big position we did not know where this was going to go. the big problem for us was working capital and cash, we could not go out in the investors and raise money the normal way. we launched direct to consumer which is a great whiskey community. we use crowdfunding to get capital and raise a million dollars, everything was done with this thing. it is pretty amazing what you can do today. sitting in your two-bedroom

apartment in new york city. ashley: i'm very impressed, good luck to you. not an easy time to launch but it looks like you're hanging in there and the only thing missing is a free bottle sitting on my desk. will overlook that for now. >> we can arrange that. >> thank you so much for sharing your insight on running small business and this environment. thank you so much. >> let's move on to the market, your money, the nasdaq is on pace for the third update in a row with tech stocks actually boosted the dow that is the money coming back into tech let's talk about it with senior reporter jonathan schwartz who joined us now. being an interesting run for the tech sector. as we see in the interest rates rise on the ten year yield in particular we see money coming out of tech, things have stabilized a little bit, we do

we go from here? >> for the big guys on the tech opportunity to be especially filled the larger guy and if you look at apples around 3 trillion in facebook is about to become a target of the company and within the industry there is a huge potential among startups of smaller companies in a.i.'s and cybersecurity moving to the edge. what is gotten our attention a lot of the ipos, two thirds of them close the year in 2021 below their ipo price they went out too early. there is a lot of noise in hyperventilation. that got her attention but in general if you look at the s&p it was up 22% for the year in 2021 and the dow was up strong.

and not to go too deep but i think there is a number of factors going into 2022 like inflation, continuing people working from home because of covid and the antitrust regulatory concerns those are all things that may impact and extent on the sheer. ashley: were having a little tech problems that were hanging in there for now. we will continue. of the big tech names the ones that have done the heavy lifting over the last several years. when you see themselves off as we have in previous sessions, are you tempted to buy on the dip? >> yes, if you look at consistently over the last couple of years there is a concern about a dip in facebook or google for various reasons. but then you look at the end of the year, they are significantly larger in terms of their market value and despite worries about regulation or inflation or

resignation these people grow and become more powerful which is why they're under the scrutiny of regulators. ashley: you got to my next question, do you fear regulation that could hurt the bottom line. >> i don't think the companies are concerned as much of the investors of smaller companies. the smaller companies are the ones that are looking for exit strategies and the best ways to the larger companies buying them up. i think what will happen in terms of legislation i do not think there will be a lot of legislation on the antitrust side this year. i think the midterms have a lot to do with that but i also think the fcc in the d.o.j. are concentrated on slowing down acquisitions, that's how they want to control big tech but big tech is shrugging and continuing to grow. ashley: i will let you take that call, time is up.

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ashley: as the u.s. covid cases hit global records, here in the around the world hit record levels, concerns have been raised over where the covid testing is actually going, edward lawrence is at the white house with more on that story. >> president joe biden under fire with members of congress and the same members that tried to put on notice, susan collins at a press yesterday the assistant secretary department of health and human services about diverting funds that would've gone for testing to deal with the self-inflicted crisis at the border. >> our staff investigation found $850 million out of the testing

budget ended other $850 million out of the allocation for the stockpile were instead used to deal with the crisis at the southern border. >> senator i'll be happy to take that back and discuss that with our finance team. >> the assistant secretary reluctantly admitted some funds were diverted. 15 republican members of the house sending president joe biden about her. , due to your decision to prioritize illegal border crossers over the health of american citizens, there are now countless reports of a million americans across our nation waiting in lines for hours to receive a covid test. the same americans are forced to wait days to see the results putting loved ones at risk. republicans in the house and senate believe diverting the funds directly impacted the

testing issue we are seeing today, no word from the white house about diverting funds in the impact but the administration just hired a new testing coordinator. the bulk of the money that went for testing past the neighbor can rescue plan on march 11. they are just now hiring the testing coordinator. a new one at least. ashley: thank you very much. doctor anthony fauci and doctor rochelle walensky went before congress yesterday to discuss the response to covid kansas senator roger marshall was part of that hearing and he joins us now. good afternoon to you, we know how things got heated. we'll talk about that in the minute. did anything new come out of yesterday's meeting? >> good afternoon the big bombshell is connecting doctor chow to once again to funding viral gain-of-function studies that a particular grant that was

denied by the department of defense looks like his office approved it but susan collins one of the fiercest competitors i've ever met bringing light to the issues that you're describing, almost $2 billion diverted from covid relief and used to take care of the southern border crisis that was also created by joe biden. ashley: how frustrating is that. we know the lack of testing which the administration told about last october when they do get the money it is funneled down to the southern border, how galling is that. >> we had one and a half million cases yesterday. this administration put all of its eggs into one basket, the vaccine mandate, and testing it will never be able to keep up with the situation we need to be locked-in on therapeutics to protect those people with comorbidities and people over the age of 65.

ashley: you were caught in the exchange of a doctor and he had some choice words for you, take a listen and i'll get a response. >> we are reviewing it. >> dr. fauci has answered you and is public information. he would have to give it to you if you ask. senator moran. ashley: what a moron he's heard on a hot mic, would you have any family-friendly response? >> this is never been personal i had a mentor of mine that said want to lose your reputation you never get it back. dr. fauci lost his reputation. we caught him in a white lie he continues to mislead the public, i thought it was a reasonable question to ask the highest paid employee of the federal government making over $400,000

a year and a person who receives $5 billion in grants to give the public his financial statement. no conflict of interest, obviously he went south. nothing personal, these are the questions that i've been asked of dr. fauci americans don't understand his logic and policy, this is one more example of dr. fauci misleading america and this is why he lost his reputation and we do not trust him. ashley: you certainly touched a nerve. i would switch to issue of inflation with consumer prices surging 7% over the past 12 months. this is really hurting a lot of people where it hurts. what should we be doing about this and why is the biden administration wanting to spend millions and trillions of dollars. >> you hit the nail on the head inflation is the biggest problem

folks talk to be back home about. this is a social injustice, another crisis created by this president of this policy until we reverse the policies inflation is going to continue, you think about this president's policies driven the price of gasoline and utility costs because of his energy policy he has exacerbated supply chain shortages by paying people more to stay at home then to go back to work and on top of the vaccine mandate he is printing dollars like there is no tomorrow. you're probably a better expert than i am and our money supply is up 40% from a year end a half ago and he wants to. another portrait get dollars to build back better, thank goodness we got that shut down for now. ashley: what is interesting, with all of this going on in the covid testing inflation in someone, it seems the democrats want to focus on voting reform of all things.

>> they want a federal takeover of the elections. they want to lose the filibuster to do that and packing the court in making d.c. and puerto rico estate and go back and pack the supreme court. way more than voting rights republicans want to make it easier to vote, harder that the constitution states the states responsibility as well, chuck schumer with a solution looking for a problem. ashley: we have to leave it there senator russell thank you so much for taking the time to chat with us, we do appreciate it. coming up, the man who won crypto unmasking a 196 billion-dollar fortune, the ceo of bi nets will join me next.

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ashley: the biden administration is trying to get the fcc anomaly approved by congress, the question is what is the hold up, charlie gasparino is on the story and has the latest. >> there's a lot of stuff going on behind the scenes. she is smart and passionate about issues, she is very progressive. and putting it mildly she is for ramp-up of net neutrality which was ended by the biden administration and posed during the obama years during her in the fcc chair tom wheeler, trump got rid of it, she wants to bring it back in a much more

expensive way. we should point out there's other progressive issues that she's in favor of, is a controversial nomination that has republicans up in arms and even some democrats up in arms. what they're trying to do is figure out, he is a long public history on stuff like attacking fox news. as i said were a threat to democracy. because of all the stuff they're trying to figure out a way that they can carve out recusal's that would repeals moderates preachy can't vote on everything because she has a well formed opinions on those. it is hard to take being a fair judge or an appearance of a fair judge objective if you have a long record which gigi sohn does. excuse me. what they're trying to do inside the commerce committee, they are trying to craft a recusal, what is controversial about this and a lot of republicans and a lot of conservative watchdog groups up in arms, their craftiness

recusal and maria cantwell's office, the chair of the commerce committee. with no disclosure and transparency. that is what is going on right now. what this recusal is we don't know. republicans are trying to figure out whether they could do something that is good enough to get kyrsten sinema on board. again she holds the key, she is on the commerce committee if she votes against gigi sohn it's over and she hasn't made any indication whether she will. if this happens this will be another nominee by the biden administration that was way too progressive to get to the committee and get approved, we should point out a conservative group called the american accountability foundation a group that help biden appointees, wrote cantwell demanded that she publicly disclose what the recusal czar behind closed doors, they want to push her through, how are they going to push her through

and whether kyrsten sinema is on board, keep watching this white we care about the story, and burying the lead a little bit. the sec is the most important regulator in the country. it regulates tech and telecom and media, this is a big thing and that's why people are worried, she cannot set fox news as a threat to democracy. if we at fox news and we work for fox news and go before the commission with the proposal, a deal would someone like that be at least objective and looking of the merits of the deal and whether they comport with the law. that is what are the questions out there right now. it is an interesting balancing act that maria cantwell is

doing. ashley: with a statement like that, the objectivity has gone straight out the window, thank you so much. thank you. my next guest has become one of the richest billionaires on planet earth a reported net worth of $96 billion, he is closing in on the likes of mark zuckerberg and larry page. the question is how did he do it. changpeng zhao is the ceo of the crypto company binance. it all began we are told with the cash old poker game. welcome to the show, congratulations on your success and all i can say that must've been one heck of a poker hand. >> thank you for having me here. i don't really think too much about it. i don't think people should be to caring about their wealth ranking et cetera. i don't know if i'm worth that much to be honest they probably over reported way than what i have. ashley: at least that's what you're telling the taxman.

>> you founded your company in china but you were banned from china, what happened after that? >> we started july 2017, by september they issued a menu that crypto currency is no longer welcome in china is not allowed to operate in china to be precise, that they did not clarify but we packed up and left the country. we are like a six week-old startup, we got lucky and we were able to continue to operate globally and we have a big user bank now. ashley: you generated at least 20 billion in revenue and revenue. what are you looking for this you? >> that number is very subjective i'm not sure how they arrived at that number but the public trading volume to arrive at that number. that number is highly volatile

justice crypto markets are. if you calculate that number any minute it will be different from the last minute that you calculated. our income is three or 400 different crypto currencies and the price fluctuates in real-time. overall the business is doing well and the number is coming to this industry at exponential pace. people understand the benefits of crypto so we are seeing the industry growing at a phenomenal pace. this she will do pretty well. based on my calculation of what's left. ashley: we will leave that alone, i know you've spent some time in the united arab emirates, the uae, are you having success in bringing crypto and binance to the middle east? >> absolutely. i think everybody i spoke with,

the regulators and the government fully understand the potential benefits of the new technology that can bring to the economy to the think tech sector and then you turn to the job sector for the economy up to the people. people here have been very receptive and with the principal and approval in iran and we signed to have a collaborative approach to help them shape some of the regulatory framework as a consultant. we are beginning to see more of the collaboration being invited to this type of collaboration all around the world. this is a very different from a few years ago with the chinese government pushed out the changes. ashley: do you have concerns over regulation. there are reports that the irs and other authorities in this country are looking into whatever businesses, concerns

over money laundering and tax evasion. i want to look into the hood as they say. do you have concerns about that? >> we welcome anyone to look under the hood for our business. we run a very clean business. this industry was one of the largest industries in the world. we want regulation. there are regulations that are overly strict and they can change, that is probably not so good for us obviously. but we generally welcome good generation that promote generation. inflation is pretty good, you ask crypto currency changes working well with banks probably would've the few places where crypto currency exchanges can automatically deduct the benefits from the bank account on monthly basis where this type of integration is not available. ashley: we wish you the best of success in the future.

it is a fascinating part of the world. we will continue to follow it changpeng zhao thank you so much for joining us, ceo of binance. coming up there is a growing number of businesses across the country that are being left to fend for themselves as police department struggle to keep in higher officers. we'll have a live report after this. ♪

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redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. ask your pharmacist or doctor about shingrix. shingles doesn't care. but you should. ashley: the new controversial manhattan da has a victims rights group watching every move. fox news correspondent eric shawn is here to explain. >> the district attorney alan bragg said they predicted that criminals off the hook and go easy on crime but now they say

it's 30 happening. take a look at the mug shot it was obtained by the new york post it shows career criminal william rowland threatened the drugstore worker when he sold $2000 worth of stuff by threatening a knife. no one was arrested in his office reduce the charges against him dropping the first degree robbery account and the criminal possession of a weapon even despite the alleged knife, it is a crime the group victims rights new york says it's going to keep an ion they want to make sure that bragg follows the law and not as progressive agenda the group is led by jennifer harrison starting the watchdog effort to monitor rags prosecutions. >> i never thought we would have to come up with a neighborhood watch or coalition to make prosecutors enforce the law, it is ridiculous. there are a bunch of us victim

rate advocate in groups that are coalescing and organizing to hold the office accountable. >> harrison says the group would deploy court watchers to keep track of cases and charges against bragg if he fails to enforce the law but experts say changing prosecutors policies could be a difficult path because they say there so ideologically driven by their political views. >> is important because so many of these policies are put in place in the name of racial equity increasing fairness and justice across racial groups, what were seen in jurisdiction after jurisdiction nationwide with the bloodbath that is concentrated in black communities. >> we asked bragg's office for comment about the watchdog group but they so far have not gotten back to us, bragg has been

repeating saying that his policies will make the city safer, back to you. >> a matter of opinion. thank you so much. in the meantime a shortage of police officers have left a growing number of cities more vulnerable than ever, madison all work has a story outside of an nypd precinct. >> hello, we just covered this crime is up in new york as you mentioned the retention of police officers in the recruitment of police officers back down not just the problem were seen here but we see this across the united states, according to the national police association we have 850,000 police officers nationwide, today were down to 750,000 the association says the devaluing and defunding the police are creating these problems. >> the current state of law enforcement today as far as personnel, we are really in the middle of her recruiting and

retention crisis. but specifically many of the cities hit hardest by crime are the ones that are severely lacking in personnel. >> right here in new york the new mayor has promised to be tougher on crime, the new da is pushing for progressive policies that downgrade robbery charges to petty theft even when weapons are involved we just saw in the last report those policies not only leaving victims behind but deterring new recruits from joining the force. >> we are going to be pro criminal in manhattan as opposed to crime victim. that is going to be frustrating and dangerous for not only the citizens up for law enforcement. >> new recruits are needed

according to research from the police executive research forum it was found from 20222021 police increase by 18%, 18% leaving the force compared to the previous year not only are we seeing more people leave but as we went through less people are joining and creating the cyclical problem that were currently sprinting across the u.s. ashley: very concerning, thank you very much, straight ahead the u.s. striking a deal on a new covid treatment we will have doctor marty mccleary to react to that and more after this. ♪

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ashley: the u.s. striking a deal to purchase 600,000 more doses of the covid-19 antibody treatment. as the omicron variance continues to disrupt the country, joining me too talk

about this is john hopkins university public health professor and fox news medical contributor doctor marty mccleary, good afternoon to you, is this good news the clocks go smithkline purchase? >> hello yes it is it is great news the pneumonic clonal antibody is different from the others because it encompasses omicron it addresses delta and omicron and that's what's needed right now we have not had the level of precision with the other antibody treatments. that's why we haven't been able to use them precisely. also remember were getting about but it is still not going to be sufficient we are getting 600,000 new treatment courses with the new contract that is enough to last us a week if we had the high risk population. we have also got to consider the other therapeutics out there right now including convalescent plasma, the old treatment that you draw plasma from somebody who is recovered in those data

bodies can be delivered to somebody else, no executive gets rich from that therapy but we have data that is very effective. ashley: you think more therapeutics are coming down the pipeline to add to the arsenal to be used against covid? >> nobody should be dying of covid right now, we have therapeutics that are state-of-the-art and deliver precisely our battle is the supply of the therapeutics getting them to patient early enough in the course of illness when they make the most difference in getting the word out to the public and the medical community that it is not just monoclonal antibody but flew blocks me, paxlovid, the stale steroid inhalers, that can be used in combination. ashley: are we close to the peak, there are a lot of reports and a couple of weeks time two or three weeks we are going to hit the peak, what do you think. >> i think it is regional if we

look at what is happening in new york state in washington, d.c. which are two of the leading states and the timeframe of omicron they have essentially crested we have data out today that is no longer affected by the weekend reporting void and we are clearly seen a cresting and if we follow the pattern of omicron and other places of the world we should see a rapid decline other parts are on the incline and hospitals are strained not as much from the massive influx of patients, we see that with influenza and a bad flu season but with that combined with staffing shortages as high as 25% of the staff at medical centers in the united states are not showing up to work for multiple reasons. ashley: when this pandemic hit and were alternate about it there was a lot of talk of herd immunity i don't hear that term much anymore. are we close to herd immunity?

>> herd immunity calculation changes based on the contagiousness of the virus at the time. while we hit good herd immunity called population immunity levels in the late spring of last year, we had a very wonderful start to our summer this past summer. the delta variant was farmer contagious and change the calculation so too does omicron it may be that almost everybody gets exposed to omicron before developing antibodies. if you look at the rate of new cases, as high as 1% of the population is getting a per day there may not be many people left to have a had it very soon. ashley: right, i also wanted to get your comments on this the european regulators saying they suspect a repeat of booster shots has a negative impact on your immune system. what are your thoughts on that? >> i'm so glad the european health agencies are speaking up against the hyper enthusiasm

around additional booster joce doses after the primary booster dose, we are in uncharted territory, we don't know the effects, we don't know what the cross immunogenicity, we don't often triggers other reactions in the body i am glad they say let's wait for the data and not preemptively push boosters before see the data we see that with young people the united states the fda pushes boosters without data and young people. ashley: thank you so much information, we appreciate it. we'll be right back. . .

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♪ ashley: quick market check before we go. dow just turning negative. s&p up slightly. same story for the nasdaq composite. thanks, everybody, for watching. here is the one and only charles payne to take you through the next hour. charles. charles: ashley, thank you very much. happy new year. hadn't seen you. ashley: same to you. charles: i'm charles payne. this is "making money." breaking right now historic inflation is crushing americans. real wages are getting hammered. as you see the market looking past the crisis, really wondering if the hawkish fed might be more hype than reality. the fate of every asset group is at the mercy of jay powell and company. will they pick main street over wall street? president biden's campaign to nuke the filibuster is getting ugly an desperate. his pitch is