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 meatpacking 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.