 Sticker shock, sending shock waves across Main Street and Wall Street, shoppers are filling it, investors are clearly spooked by it in a new report showing that we could be stuck with it for a while. The Fox Business Network Susan Lee with the very latest Susan. Hey Charles, so whether it's at the pump or at the grocery store, Americans are paying up more inflation as it's called, or higher prices has already arrived. So if you walk into the supermarket these days, you'll notice the seafood prices are up 5%, eggs are costing more, along with oranges, lettuce, chickens and canned vegetables. Now that's not all, larger items like appliances are also more expensive these days, not to mention paying up at the pump. We have national gas prices sitting at their highest now since 2014, close to breaking three dollars a gallon for the first time in seven years. The colonial pipeline shut down means prices are skyrocketing of eight cents the past week. And for every penny that gas prices go up, that's a billion dollars less in consumer spending, which hurts the U.S. economy. A reason inflation fears spooked the stock market today, the worst day in two months for the Dow Jones industrials. Wall Street is also concerned that the Federal Reserve might be forced to raise interest rates in order to keep prices under control. And we'll find out tomorrow just how much more we're paying with the April consumer price reports. Americans, though, are already bracing for the fastest price hikes in nearly a decade, predicting that prices will go up by three and a half percent in a year's time. But here's the good part, is that rising prices are usually indicative of a recovering economy. We saw another sign of that this morning, a record eight million plus job openings in the month of March, the most of manufacturing, construction and hospitality. But Charles, the point and the problem here is that finding the people to fill the jobs is the hard part. It certainly is. Susan Lee, thank you very much. Now, of course, those spikes on Main Street have Wall Street investors running for cover today. As more Americans are filling the pinch, the question everyone's asking is, are these prices going to pinch our economy? Let's give the read from our money gurus, Larry Glazer, what does Gary B. Smith and Melissa Armo. Larry, let me start with you. Just break it all down for us. You know, Charles, you don't have to be a financial expert to see that these rising costs and these soaring inflation spiking everywhere we look is really already having an impact on the consumer. Rising milk prices, rising chicken prices. How's that barbecue going to feel on Memorial Day when you can't get food for the grill? Gas prices through the roof. There's already shortages. It's everywhere we look, Charles. Wall Street is beginning to get worried. Consumers are worried. It's affecting labor shortages, affecting material shortages. We can't get all the things we need. Nothing will crush consumer confidence more than a big spike in gas prices. And that's what I fear could happen this summer. Charles, look, we've had a lot of good things to celebrate this year. Let's keep it up and inflation could kill this biggest soaring price increase since the Jimmy Carter administration. That's not good news for any of us. Melissa, the Fed says, yeah, it's going to spike, but it's going to be transitory. So don't panic. You agree? Well, I wouldn't panic because the markets had a beautiful, beautiful bullish run up. But that being said, I think we could see some more selling even as early as tomorrow or in the next few days. So people need to be aware of the fact that we could see more selling. So just plan ahead. And if you want to take profits, if you're up, you can take profits. I think inflation is a problem going into the summer, specifically when people travel and go on vacation with gas prices. But inflation isn't something that hits you overnight in every single product. It creeps up on you. And I think it's been creeping up really since 2020. The economy has to get back going. Last week, we had bad unemployment data, and we have to open up. New York City is not fully open up until we open up again. If people go out and spend money, we're going to have a problem with the economy. It's going to create a long-term problem if we don't start to open up as a country as a whole. People got to get back to work. Gary B. They do. Well, I'm not as sanguine as Melissa is. I think inflation is here. When you have corn prices doubling, lumber prices doubling, as Melissa pointed out, gas prices just doubling again. You can't, now companies, because the government has sprinkled so much money around, it's tough to hire people because they want to stay on these unemployment benefits. So what's going to happen? The Fed is going to have to raise rates. Now, they did a silly thing a few months ago and said, oh my gosh, we're going to stand padded to what? 2024? Charles? I think they're going to have to jump in now and turn kale. That's going to create a bigger crisis in the market. I think the best of times we've seen the market are over. You know, Charles, we have the biggest labor shortage ever. We have jobs going unfilled in this country. Small businesses can't afford to eat these inflationary pressures. They pass it through to the consumer. It becomes a regressive tax hitting working families in this country. Once you let the inflation genie out of the bottle, you can't get the genie back in. And that's what's going to happen this summer. And that's what I worry about for working families in this country. Then let me build on that because this morning we learned that there are 8.1 million jobs out there. That is the most ever. Those are jobs that are opening in March and yet you go back to Friday and we couldn't get anyone to fulfill those jobs. So, Melissa, you know, it has the government just sprinkled too much money out there. Are too many STEMI checks, extra 300 bucks and everything else really going to be another thing that conspires to destroy this economic rebound that we had enjoyed? I think it depends on the industry. There are certain industries like here, example, in New York. If I want to order something from Amazon, I can't get it. That's crazy. There's food available from Whole Foods. It's because they can't get the drivers to work. They can't get people to come in to work at Whole Foods to put my grocery order together. So, there are specific industries where people are actually earning more money to stay at home. Why would you go to work if you can make more money at home? Because at the end of the day, all you care about is your bottom line. Until they stop the stimulus, all across with these extra bonuses, people are not going to go back to work. Right. And to your point, we lost 77,000 courier jobs last month. Lost. So, Gary B, we're dealing with this. All of this cash has come in to help prop up the market. It's made a lot of people wealthy, at least on paper. Now, we've got to face the tax consequences. President Biden's pretty serious about lifting our taxes across the board. And that's something the market's going to have to grapple with as well, right? Yeah, absolutely. Look, he's talking about raising the corporate tax. I am certain that with all the programs he's housed out there, infrastructure, and some of the other things, he's going to have to raise tax on quote, unquote, the middle class. Look, taxes are going to go up on everyone. So that's another, you know, like inflation, which is our taxes, you know, Larry pointed out. And we're going to have more income taxes. There's going to be more money out of the pocket. I just, you know, we faced the pandemic, the biggest health crisis. Now, I think we're about to face the biggest economic crisis most certainly that this bed has ever seen. And probably this government has ever seen is this tsunami of bad, you know, things coming all too ahead. I'm, I wish I was as optimistic as Melissa. Yeah, hey, you know, what a year from now, I wouldn't be surprised that we were talking about deflation. Now, not inflation could be because of these points you just brought up. You were a fantastic panel. See y'all very soon. Meanwhile, it's off to the races for Medina spirit at the pregnes this weekend, but only under a strict set of conditions train a Bobby Bafford's attorney is with us. He's next.