SUMMARY: In his first event of the New Year, Pres. Joe Biden is holding a roundtable with independent farmers and ranchers from around the nation to address the need to lower meat prices. While the economy is rebounding Americans continued to see signs of inflation, such as increased prices in grocery stores, especially in the cost of meat -- which appears to overshadow Biden's record on recovery . The president will encourage competition among the meat producers announcing the
Biden-Harris Administration’s Action Plan for a Fairer, More Competitive, and More Resilient Meat and Poultry Supply Chain.
AP: The White House event occurs Monday afternoon as higher-than-expected inflation has thwarted Biden’s agenda. Consumer prices in November rose 6.8% over the prior 12 months — a 39-year high. Inflation has hurt Biden’s public approval, become fodder for Republican attacks and prompted Sen. Joe Manchin, D-W.Va., to cite higher prices as a reason to sideline the Democratic president’s tax, social and economic programs.
Biden is building off a July executive order that directed the Agriculture Department to more aggressively look at possible violations of the 1921 Packers and Stockyards Act, which was designed to ensure fair competition and protect consumers. Meat prices have climbed 16% from a year ago, with beef prices up 20.9%.
The administration is targeting meat processing plants, which can shape the prices paid to farmers and charged to consumers. The White House issued a fact sheet saying that the top four companies control 85% of the beef market. In poultry, the biggest four processing firms control 54% of the market. And for pork, the figure is 70% for the four biggest firms.
Joining the President for today’s event:
Attorney General Merrick Garland
Agriculture Secretary Tom Vilsack
Brian Deese, Director of the National Economic Council
Corwin Heatwole, CEO, Farmer Focus
Scott Blubaugh, President, Oklahoma Farmers Union
Kelsey Ducheneaux-Scott, Director of Programs, Intertribal Agriculture Council
Brent Johnson, President, Iowa Farm Bureau Federation (IFBF)
Handy Kennedy Jr., Owner, HK Farms