Posted on 09/12/2021 2:55:30 PM PDT by MinorityRepublican
WASHINGTON, Sept 8 (Reuters) - The Biden administration plans to take a tougher stance toward meatpacking companies it says are causing sticker shock at grocery stores.
Four companies control much of the U.S. meat processing market, and top aides to President Joe Biden blamed those companies for rising food prices in a blog on Wednesday.
As part of a set of initiatives, the administration will funnel $1.4 billion in COVID-19 pandemic stimulus money to small meat producers and workers, administration aides said in the blog post. They also promised action to "crack down on illegal price fixing."
Four companies slaughtered about 85% of U.S. grain-fattened cattle that are made into steaks, beef roasts and other cuts of meat for consumers in 2018, according to the most recent data from the U.S. Department of Agriculture (USDA).
The big four processors in the U.S. beef sector are: Cargill (CARG.UL), a global commodity trader based in Minnesota; Tyson Foods Inc (TSN.N), the chicken producer that is the biggest U.S. meat company by sales; Brazil-based JBS SA (JBSS3.SA), the world's biggest meatpacker; and National Beef Packing Co (NBEEF.UL), which is controlled by Brazilian beef producer Marfrig Global Foods SA (MRFG3.SA).
Tyson Foods, which sells beef, pork and chicken, rejected the White House's assertion that consolidation in the meatpacking sector is driving up prices. The company blamed the pandemic and the U.S. labor shortage for limiting production. Its shares ended 1.4% lower at $76.17.
"Tyson's scale allows it to operate efficiently, which keeps costs down for consumers," the company said.
Cargill, JBS and National Beef made no comment.
(Excerpt) Read more at reuters.com ...
And the feds step and fix the crisis just like good socialists do.
Socialism sucks.
Let me guess. Biden plans to embargo beef products. For the common good.
Government interference and regulations is what is causing price increases in the first place. Government taking over private production of goods is fascism at it’s worst. This is what we are heading for. My goodness we have farmers being paid to destroy crops! In what world is that good governance?
This should work out lovely. We’ll have nothing on the shelves, but it’ll all be free.
So they are going do a Chavez on the meat industry. How did that work out for prices/supply in Venezuela?
Whip Inflation Now. It is officially the 1970s 2.0.
Always counterproductive with lots of unintended consequences.
By lowering transport costs?
LOL YUP
It does. But this is what the younger generation, A/K/A “Bernie Bots” say they want. And will get.
All Biden has to do is support this bill that's been languishing in the House and meat prices will come down.
So Biden is working “to rein in meat prices”
Uh oh. Sounds like horsemeat is Biden’s strategy.
Oh well, more Ivermectin for the rest of us.
So, didn’t the livestock providers have to cull their herds last year when so many at the processing plants got sick and they had to close the plants?
Hold Onto Your Wallet .....
The old Tricky Dick price controls.
Yeah, that’ll work. Even more shortages on the horizon.
Four companies control much of the U.S. meat processing market, and top aides to President Joe Biden blamed those companies for rising food prices in a blog on Wednesday.
No FBI SWAT teams? No DOJ extortion teams? If he knows who they are and where they live, let’s see the same kind of action that was used on the Russia, Russia, Russia victims.
Getting the government involved is guaranteed to cause shortages. They don’t have the authority. (And no, the commerce clause wasn’t put in place so the government could control business.)
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