Why do the federal government and White House continue to blame big meat companies for the rise in prices? Have you noticed how they’re not blaming big gas companies or OPEC for gas prices rising?
Beef prices are up 20% because of inflation and the COVID-19 pandemic, not because major meat companies are jacking up prices because they feel like it.
Press Secretary Jen Psaki answered meat prices during a press conference and usually lied.
“Only four giant conglomerates control the majority of the market for beef, pig, and poultry goods, and the data reveals, and I believe their record earnings demonstrate this, that meat prices have increased while the firms have achieved recent record profits,” was Psaki’s response.
Could the record profits be due to the government shutting businesses down and not allowing people to go to restaurants? People went to the grocery store more often and bought meat from meat companies much more often during the lockdowns than they ever did before. You can tell by the massive stock price dip in Darden restaurant chains during 2020. Psaki, the data is in. Meat companies made more money because they sold more products.
Psaki continued, “If you look at the historical percentage here, ranchers got more than $0.60 for every dollar a family spent on beef 50 years ago. They get roughly $0.39 today. Fifty years ago, hog farmers received $0.40 to $0.60 for every dollar spent. Today, it’s around $0.19, and big corporations are still generating a lot of money.”
Both former President Donald Trump and President Joe Biden have spent a massive amount of money during and after the pandemic. That’s not the fault of the American people at all.
JBS has agreed to a $5.25 price-fixing lawsuit. Still, the Colorado-based JBS didn’t admit any wrongdoing, and Nikki Richardson, a JBS spokeswoman, said that the deal was “in the company’s best interest.”
Just because companies settle doesn’t mean there’s wrongdoing. It doesn’t mean there wasn’t, but the litigation and attorney and court fees sometimes aren’t worth the fight. Still, the fight may be worth it to save the embarrassment of a settlement and false claims.
The settlement hasn’t even been approved. A report said, “A federal judge reviewed the settlement Thursday and will rule later whether to approve it.”
The White House has made claims like this before that have resulted in an incorrect assessment. Look at the Kyle Rittenhouse verdict versus what Biden said about the incident.