Biden offers support to small meat producers with $1 billion plan

National

WASHINGTON (NEXSTAR) — President Joe Biden wants to crack down on the meat and poultry industry to combat rising prices.

“We’re going to invest $1 billion in new and expanded meat and poultry processing capacity,” Biden said on Monday.

The $1 billion investment includes more than $300 million for independent processing plants, $100 million to train the meat and poultry workforce, $100 million to bolster the supply chain and more.

“And when we do this, we’ll give farmers and ranchers more options beyond giant processing conglomerates,” Biden said.

The Biden administration argues that large corporations and monopolies are at fault for the rapid rise in prices.

“Capitalism without competition isn’t capitalism, it’s exploitation. That’s what we’re seeing in meat and poultry,” the President said.

The White House says four large meat packing companies control 85% of the beef market, and in poultry, the top four processing firms control 54%.

“It’s over $5 for a pound of hamburger meat. $5,” Biden said.

The president is focused on increasing profits for farmers while allowing consumers to pay less. Biden is confident these ideas will help, but the North American Meat Institute says this plan still doesn’t address issues like labor shortages and increased energy costs.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss

Coronavirus News

More Coronavirus

Trending Stories

Don't Miss

Your Local Election HQ

More Election

Local Sports

Green Bay men oust Detroit at home

Bay frontrunners Green Bay East, West De Pere survive Thursday battles

Kimberly vs. Appleton East

NHM boys hockey uses discipline to get off to hot start

HS Sports Xtra: Ashwaubenon stuns No. 1 De Pere; FRCC & FVA highlights

Game of the Week: Neenah edges Appleton East to grab first place in FVA