- Food prices are through the roof,

Americans feeling the effects of inflation

sparked by an increaseddemand for goods and services.

- Tonight, the Biden administration

says it's working to bring down costs,

banking on a plan thatwould heavily tax the rich.

CBN's Brody Carter joins us now.

Brody, you talked to financial analysts,

some of whom who are issuing a warning.

- Well, John, Jenna,they're warning the public

the worst is far from over.

But first, some good newsstarting with credit card debt.

It's down 15% over 2019.

In addition to both lowunemployment and interest rates,

some positive momentum for the economy

trying to stand on its feet.

- We're either going to run out of stuff

or we're going to pay more for it,

unless something changes.

- [Brody] New inflation numbersshow the average American

is experiencing sticker shock.

- Grocery inflation is upabout 3% over the past year.

Whereas food away from home,it's the term they use,

but more restaurant sales,inflation there is up about 4.7%.

- [Brody] Inflation at the wholesale level

climbed more than 8% last month,

year to year the largest gain in 10 years.

(cow moos)

Meat, fish, poultry, andeggs; those are up almost 6%,

and up 15% since thebeginning of the pandemic.

(forklift whirs)

There's also a packaging problem.

Aluminum hit its highestprice in 10 years,

cardboard hitting an alltime high in February.

As food distributors pay higher prices,

you the consumer feel thatimpact in your wallet.

But what's the reason for the increase?

- There's big backups at the ports.

There's sometimes quarantines.

There's not enough workers.

- The federal government in thelast two years, '20 and '21,

have spent more than $6 trillion more

than they've taken in in tax revenue.

That's all pure excess demand.

- [Brody] Analysts saywe can gauge inflation

by looking at shortages,bare shelves at the store,

a lack of inventory inhomes and automobiles.

Michael Bustler, professor of finance

at Stockton University,

says government spendingis the source of our woes.

- Big corporations and the super wealthy

have to start payingtheir fair share of taxes.

It's long overdue.

I'm not out to punishanyone; I'm a capitalist.

All I'm asking is you pay your fair share.

- As Biden fights forraising taxes on the wealthy,

economists are sounding the alarm,

saying things will get worsebefore they get better.

The next major pain point we'll likely see

is this holiday season.

That's when supply chaindisruptions come to a head.

A lot of people will be shopping early

and stores might have trouble

stocking and restocking inventory.