“Capitalism without competition isn’t capitalism. It’s exploitation,' Biden said. 'That’s what we’re seeing in meat and poultry industries now.”
Jan 3 - The United States will issue new rules and $1 billion in funding this year to support independent meat processors and ranchers as part of a plan to address a lack of “meaningful competition” in the meat sector, President Joe Biden said on Monday.
A recent White House analysis found that the top four meatpacker companies https://www.reuters.com/business/how-four-big-companies-control-us-beef-industry-2021-06-17 - Cargill, Tyson Foods Inc, JBS SA, and National Beef Packing Co - control between 55% and 85% of the market in the hog, cattle, and chicken sectors.
Attorney General Merrick Garland, also speaking at the event, said “too many industries have become too consolidated over time,” and that the antitrust division of the Department of Justice has been chronically underfunded. “Our members of all sizes cannot operate at capacity because they struggle to employ a long-term stable workforce,” she said. “New capacity and expanded capacity created by the government will have the same problem.”
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