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Biden: 'Capitalism Without Competition Is Exploitation'
Posted
January 3, 2022
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1,911
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January 3, 2022
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1:41Now PlayingPresident Joe Biden promised to “fight for fairer prices” for farmers and consumers Monday as he announced plans to combat the market power of the giant conglomerates that dominate meat and poultry processing.
“Capitalism without competition isn’t capitalism, it’s exploitation,” Biden said. “That’s what we’re seeing in meat and poultry.”
Biden joined Agriculture Secretary Tom Vilsack and Attorney General Merrick Garland to meet virtually with ranchers and farmers to hear complaints about consolidation in the industry, ratcheting up a White House campaign blaming anti-competitive practices in the industry for contributing to surging food inflation.
Biden launched a portal that will allow producers to report unfair trade practices by meatpackers. He also highlighted initiatives the administration is taking to counter meatpackers’ economic power, including $1 billion in federal aid to assist expansion of independent processors and new competition regulations under consideration.
The announcement focuses fresh attention on Biden’s fight with the meat-processing industry and helps cast him as a president willing to take on powerful business interests over consumer prices. Many Democrats are concerned that months of negotiations over Biden’s economic plan have distanced him too much from the most pressing kitchen-table problems facing Americans.
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