Friday, January 28, 2022

Biden says he found out from family friend that meat costs are soaring

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The economic reality has given President Biden a bite over the weekend, with a family friend at his home in Delaware saying the land chuck could now cost $ 5 a pound.

But the president said Monday that his beef has been with corporate “middlemen” rather than high inflation for decades, which has led to a sharp rise in food and consumer prices.

“Yesterday I was sitting in my kitchen and there was a sun room in that kitchen and my wife was with her sister and a good friend named Mary Ann,” Biden said at an event on ways to lower meat prices. “And he said,‘ Do you understand that a pound of hamburger is worth $ 5 for a piece of meat? $ 5? “

“Well, that’s partly, you know, a pound of beef today costs five dollars more than the four dollars before the pandemic,” Biden said.

Biden attributes the rise in beef prices to corporate “middlemen” rather than decades of high inflation that led to rising food and consumer prices.

“Here’s the historical context: 50 years ago, ranchers received more than 60 cents for every dollar a family spent on beef,” the president continued. “Today they get about 39 cents. Fifty years ago, pig farmers received 40-50 cents for every dollar they spent. Today it is about 19 cents. And big companies are making big profits. ”

“As their incomes rise, the prices you see in grocery stores will increase accordingly,” Biden added. “And the prices of the products that farmers bring to market are falling. This reflects the fact that the market is disrupted due to lack of competition.

Biden is in a video conference to discuss supply chain issues in agriculture and meat processing plants.
The White House has announced plans to spend $ 1 billion on the U.S. Rescue Plan Act to support independent meat processing companies, which puts the bulk of the blame on the four largest firms.

On Monday morning, the White House announced plans to spend $ 1 billion under the U.S. Rescue Plan Act to support independent meat processing companies, blaming most of the blame on four major firms.

Although Biden did not name the companies, they include Cargill, a Minnesota-based trader, Tyson Foods, a chicken producer in Arkansas, JBS, a meat producer in Brazil, and National Beef Packing Co., Missouri, owned by Marfrig Global Foods, a Brazilian beef producer. . .

Attorney General Merrick Garland attended the event at the Eisenhower Administration Building next to the White House and spoke about the Justice Department’s interest in enforcing antitrust laws.

In November, inflation hit a 39-year high and average spending for a number of commodities was 6.8 percent higher than a year earlier.

The highest annual growth was in energy, which rose 33.3 percent, while gasoline prices rose 58.1 percent. Food prices rose 6.1 percent.

According to the government, the price of minced beef has increased by 13.9 percent in 12 months. Prices for bacon rose 21 percent, chicken 9.2 percent and fresh fish and seafood 10.6 percent.

But other food items not related to the meat industry have also become more expensive. Prices for apples rose 7.4 percent from a year earlier, coffee rose 7.5 percent and canned vegetables rose 6.5 percent.

Biden stretches out his arms and speaks directly to the camera.
Biden has been accused of high inflation, with many critics saying his U.S. bailout plan injected $ 1.9 trillion into the economy without new revenue, but in fact devalued the U.S. dollar.

Biden’s critics blame him, not the meat processing plants, for high inflation, as Biden’s US bailout plan, signed in March, brought $ 1.9 trillion into the economy without new revenue, which actually devalued the U.S. dollar.

The president’s incentive initiative followed bipartisan legislation that spent about $ 4 trillion in 2020 to keep the U.S. stable during a pandemic.

Biden, who was delayed at a meat industry event due to a snowstorm slowing his return from Delaware, declined to discuss the increasing number of COVID-19 cases caused by the more contagious Omicron variant and told a reporter who asked about CDC guidelines: I’ll do that. We’ll talk about that later. “

The president did not answer the next question about the success of plans to mass-distribute coronavirus rapid tests in 500 million homes. The White House announced a “cover” after the event, meaning Biden will no longer engage with the public.

The White House reportedly rejected an expert plan to mass-disseminate rapid tests at home before the possible holiday increase in COVID-19 cases in October. Biden adopted the idea late last month as the number of cases has increased, but the program may not work for several weeks. White House Coronavirus Coordinator Jeff Zients said Dec. 29 that the program’s first contracts will be signed by the end of this week.

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