New initiative would help independent farmers and ranchers.
President Biden recently met virtually with independent farmers and ranchers to lay out his plans to reduce food prices by increasing competition within the meat industry.
During the meeting, the president said he plans to earmark $1 billion in funds from the American Rescue Plan to expand processing capacity for independent meat firms. The sum includes $275 million in capital support and $100 million towards job development and training. In addition, the president will also tighten rules governing Product of USA meat labels, among other things.
The president said, “This reflects the market being extorted by lack of competition. I’ve said it before and I’ll say it again: capitalism without competition isn’t capitalism; it’s exploitation.” He stated meat price increases are due to corporate middlemen rather than inflation.
“For example, the Department of Agriculture is rewriting the rules under the Packers and Stockyards Act, which was a law back in to 20s that was needed at that time and is still needed to protect farmers and ranchers from abuse by processors,” President Biden noted.
As the Lord Leads, Pray with Us…
- For President Biden, the Department of Agriculture, and others who are working to reduce meat prices.
- For USDA officials looking to address the inflationary pressures being felt at the grocery store on many different products.
- For the small independent meat producers across the country who also feel the pinch with increased costs of feed, veterinary care, and other expenses.
Sources: One America News, The Hill
