Biden pretends his policies have nothing to do with inflation. He needs another scapegoat and found one.
His latest idea is to Boost Competition in U.S. Meat Industry.
The United States will issue new rules and $1 billion in funding this year to support independent meat processors and ranchers as part of a plan to address a lack of “meaningful competition” in the meat sector, President Joe Biden said on Monday.
The initiative comes amid rising concerns that a handful of big beef, pork and poultry companies have too much control over the American meat market, allowing them to dictate wholesale and retail pricing to profit at the expense of their suppliers and customers.
“Capitalism without competition isn’t capitalism. It’s exploitation," Biden said. "That’s what we’re seeing in meat and poultry industries now.”
A recent White House analysis found that the top four meatpacker companies - Cargill (CARG.UL), Tyson Foods Inc (TSN.N), JBS SA , and National Beef Packing Co (MRFG3.SA) - control between 55% and 85% of the market in the hog, cattle, and chicken sectors.
The Department of Agriculture (USDA) will spend the $1 billion from American Rescue Plan funds to expand the independent meat processing sector, including funds for financing grants, guaranteed loans, and worker training, said Agriculture Secretary Tom Vilsack, who was speaking at an event with Biden.
This wasteful boondoggle will only cost taxpayers $1 billion, for starters anyway.
A billion here or there is meaningless, but the constant meddling isn't.
Attorney General Merrick Garland, also speaking at the event, said “too many industries have become too consolidated over time,” and that the antitrust division of the Department of Justice has been chronically underfunded.
Let the Marketplace Decide?
Pretending to Do Something
How many readers actually believe Biden can or even should attempt to bring more competition to the meat industry?
For certain, $1 billion will not do a damn thing. This is all about pretending to do something.
Executive Order to Promote Competition
Biden's executive order on July 9th 2021 was supposed to lower prices. How's that working out?
Looking ahead, it will be as effective as an executive order demanding the tides to stop.
It's all about appearances. He needs to bow down to Elizabeth Warren's mandate to do something. And so he did.
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