According to a new report from Axios, today President Biden will offer $1 billion “to help independent meat and poultry producers” as a part of his ongoing effort to fight inflation, lower costs for small businesses, and take on the large corporate monopolies “responsible for rapidly rising prices.”
The funding will come from President Biden and congressional Democrats’ American Rescue Plan which was signed into law last March without the support of a single Republican.
While opposing policies to lower costs for families, Republicans in Congress have cheered inflation and higher costs because they say it will help them politically.
Axios: Biden offers $1 billion to small meat producers to fight inflation
By: Oriana Gonzalez | January 3rd, 2022
Key Points:
- “The Biden administration will offer $1 billion to help independent meat and poultry producers in its latest measure to fight inflation, the White House announced Monday.”
- “Driving the news: The Biden administration has argued that large corporations and corporate monopolies are responsible for rapidly rising prices. It specifically blames four monopolists in the meat-processing industry for increasing meat prices.”
- “What they’re saying: ‘Over the last few decades, we’ve seen too many industries become dominated by a handful of large companies that control most of the business and most of the opportunities — raising prices and decreasing options for American families, while also squeezing out small businesses and entrepreneurs,’ the White House said.”
- “State of play: President Biden’s plan to support the meat and poultry supply chain includes $375 million in grants from the Department of Agriculture for independent processing plants.”
- “$275 million to provide loans and other support ‘to businesses at rates and on terms that increase access to long-term, affordable capital,’ the White House said. $100 million to train the meat and poultry workforce. $100 million to finance infrastructure needed by independent producers to ‘move their product throughout the supply chain.’ $100 million to help ‘small and very small processing plants keep up with unprecedented demand’ by reducing inspection costs.”
- “The funding will come from the $1.9 trillion American Rescue Plan, which Biden signed into law in March.”
Read the full report here.
###
Published: Jan 3, 2022 | Last Modified: Jan 5, 2022