On Monday, President Biden signed an executive order directing the Federal government to spend a billion dollars to increase competition in the meatpacking industry. Meatpacking is dominated by a few large firms, especially in beef where the top four companies have 85% of the market. The administration alleges that these firms jack up their profits by under-paying farmers for cattle and over-charging consumers for beef. Most of the billion dollars will go towards financing expansion by independent processors.
The Monopolistic Meatpackers
The Monopolistic Meatpackers
The Monopolistic Meatpackers
On Monday, President Biden signed an executive order directing the Federal government to spend a billion dollars to increase competition in the meatpacking industry. Meatpacking is dominated by a few large firms, especially in beef where the top four companies have 85% of the market. The administration alleges that these firms jack up their profits by under-paying farmers for cattle and over-charging consumers for beef. Most of the billion dollars will go towards financing expansion by independent processors.