Biden: More competition in meat industry can ease food costs

President Joe Biden met virtually with independent farmers and ranchers Monday to discuss initiatives to reduce food prices by increasing competition within the meat industry, part of a broader effort to show his administration is trying to combat inflation.

“Capitalism without competition isn’t capitalism — it’s exploitation,” Biden said.

Higher-than-expected inflation has thwarted Biden’s agenda, hurt his public approval rating, become fodder for Republican attacks and prompted Sen. Joe Manchin, D-W.Va., to cite higher prices as a reason to sideline the Democratic president’s tax, social and economic programs. In November, consumer prices rose 6.8% over the prior 12 months — a 39-year high.

On food costs, Biden is building off a July executive order that directed the Agriculture Department to more aggressively look at possible violations of the 1921 Packers and Stockyards Act, which was designed to ensure fair competition and protect consumers. Meat prices have climbed 16% from a year ago, with beef prices up 20.9%.