The White House event took place Monday afternoon as higher-than-expected inflation hampered Biden’s agenda. Consumer prices in November rose 6.8% from 12 months ago – the highest level in 39 years. Inflation has damaged public approval of Biden, become fodder for Republican attacks and prompted Senator Joe Manchin, DW.Va., to cite higher prices as a reason to defraud the Democratic president’s tax, social, and economic programs.
Biden is crafting an executive order in July directing the Department of Agriculture to more aggressively review possible violations of the Packers and Stockpile Act of 1921, which is designed to ensure fair competition and consumer protection. Meat prices are up 16% from a year ago, with beef prices up 20.9%.
The authorities are targeting meat processing plants, which can shape the prices paid to farmers and charged to consumers. The White House has released a fact sheet stating that the top four companies control 85% of the beef market. In poultry, the four largest processors control 54% of the market. And for pork, the figure is 70% for the four largest companies.
Biden plans to highlight his plan to distribute $1 billion from the coronavirus relief package to help independent meat processors expand. He also plans to highlight funding to train workers in the industry and improve conditions, as well as issue new regulations for meat packers and labeling requirements to be designated as “” Product of the United States.”
The Department of Justice and the Department of Agriculture will make a joint effort to make it easier to report anticompetitive actions to the government. The administration will also seek to improve the transparency of cattle markets.
The effort is part of a broader effort to regain control of the US economy. Besides inflation, repeated coronavirus outbreaks have dampened public opinion about the economy despite strong growth over the past year.
Biden will have the opportunity to highlight the strengths of the economy with the December jobs report due out on Friday. Economists surveyed by FactSet expect the US to add 362,000 jobs last month with the unemployment rate falling to 4.1%. That large increase would suggest that the United States added about 6.5 million jobs last year, more than any other year before, reflecting population growth and government spending.
Copyright © 2022 of the Associated Press. Copyright Registered.
https://abc13.com/president-joe-biden-meat-prices-inflation-us-economy/11420499/ When will inflation stop? President Joe Biden meets farmers as he seeks to lower meat prices