White House investing $1 billion to boost competition in meat-processing industry and lower consumer prices

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You just KNOW this money will not go to the small farmer. You just know it deep in your bones.

“Farmers and ranchers are being driven out of business — sometimes businesses that have been around for generations,” Biden said during the meeting at the White House. “It strikes at their dignity, their respect and the family legacy so many of them carried for generations after generation.”

The President largely blamed price hikes on market distortion caused by international meat-processing conglomerates.

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“While (the four major meat-processing companies’) profits go up, the prices you see at the grocery stores go up commensurate. The prices farmers receive for the products that they are bringing to market go down. This reflects the market being distorted by lack of competition,” Biden said. “I’ve said it before and I’ll say it again: Capitalism without competition isn’t capitalism. It’s exploitation. That’s what we’re seeing in the meat and poultry … industries now.”

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As part of the plan, the US Department of Agriculture will provide up to $375 million in grants for independent processing plant projects, $275 million in partnership with lenders to provide loans and other support to businesses to increase access to capital, $100 million for workforce training, $50 million for technical assistance and research and development and $100 million to reduce overtime inspection costs to help smaller processing plants.

www.cnn.com/2022/01/03/politics/biden-meat-processing-industry/index.html

h/t John Dutton

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