possible. laura: to make a bad situation worse, we may be facing a shortage of truckers soon. the owners are facing a crisis due to the sky rocketing cost of diesel fuel. and food prices? bloomberg headlines caught my eye. chicken wings for $34. consumer prices of food were up 9.4% in april compared to last april. it s the biggest gain since 1981. it s time to ask this question: both a global and national level, is the economic chaos unfolding before our eyes the result of incompetence or careful planning? ted cruz believes this is all purposesful. joe biden believes in gas is $6 or $10 a gallon, if he imposes enough pain that eventually everyone will have this epiphany and get rid of that truck or mini-van and everyone will buy an electric car. laura: the angle did not disagree. biden is ignorant and his cabinet is unqualified. but this can t be an accident. none of this was predestined. the biden team chose to cancel oil leases, to stop keystone and gren lit a proxy
soon. the owners are facing a crisis due to the sky rocketing cost of diesel fuel. and food prices? bloomberg headlines caught my eye. chicken wings for $34. consumer prices of food were up 9.4% in april compared to last april. it s the biggest gain since 1981. it s time to ask this question: both a global and national level, is the economic chaos unfolding before our eyes the result of incompetence or careful planning? ted cruz believes this is all purposeful. joe biden believes in gas is $6 or $10 a gallon, if he imposes enough pain that eventually everyone will have this epiphany and get rid of that truck or mini-van and everyone will buy an electric car. laura: the angle did not disagree. biden is ignorant and his cabinet is unqualified. but this can t be an accident. none of this was predestined. the biden team chose to cancel oil leases, to stop keystone and gren lit a proxy war against russia. sent billion dollars to ukraine. and paid people not to work over afte
capitol hill as well. they passed $28 million in emergency funding to boost formula supply. that s on the way to the senate. other lawmakers are pitching solutions as well. you think we need a strategic formula reserve, right? they are moving now but this problem has been bubbling for months on a contamination issue shutting down a key plan for formula back in february. robert califf testified this morning that he hopes the plant will be back online in two weeks. practically speaking relief is still weeks or months away giving these comments from the surgeon general earlier today. is it next week? is it next month? when will they be able to walk into the walmart or cvs and see formula on the shelf? we anticipate willy that people will see increasing amounts of formula on the shelf because of multiple paths. bringing product in from abroad. so several weeks, okay. folks, it is always a welcome sign to see washington move with ug si to show it is awear of a problem but
he invoked the federal production act. that will compel suppliers and manufacturers to boost production and ingredient suppliers will have to deliver to formula companies first before any other customer. president biden is also directing military aircraft and commercial airlines to import formula from abroad, something the fda has long stood in the way of. currently the fda bans most foreign infant formula, not because of health concerns about labelling issues. in the face of this crisis, the agency promises to hurry up their review process to expedite imports. on capitol hill lawmakers voted with overwhelming support 12-9 to pass a bill that would widen access to baby formula for families using the nutrition program for women, infants and children known as wic. almost half of the babies born in the united states qualify for wic. when the shortage hit, many of the alternative brands or specialty formulas were not covered by wit benefits. now more family will be able to get he
safe. if you look at the dow, it had its worse day in quite some time. 3.6% or more than 1,100 points. the nasdaq down almost five. yeah, we have entered a new face of this sell-off as run-away inflation erodes living standards and profits. take a look at target. it lost a quarter of its value today. the worst day for them since black monday, 1987. quarterly profits fell 50%. yesterday walmart said their profits fell 25%. inflation becomes unmanageable. the lower income consumer feels it the most. look here. dollar general, dollar tree. those stocks tanked today. 14% for dollar tree. ceos are noting a shift in how we shop from buying big things like electronics to appliances to food and essential. goldman sachs says they re seeing customers tap into credit to get by. dave powell says the federal reserve must bring down inflation. they re going to act aggressively raising rates to do so. that warning hit the growth stocks today. apple, the country s biggest company is down 22%