Sen. Cramer not letting meat-packers 'off the hook' for high prices: 'They have an awful lot of market power'
Inflation hits 40-year-high in US
Sen. Cramer not letting meat-packers 'off the hook' for rising prices: 'They have an awful lot of market power'
Sen. Kevin Cramer, R- N.D., argues there's a 'concentration problem' as rising prices plague the meat-packing industry.
Sen. Kevin Cramer, R-N.D., joined "Cavuto: Coast to Coast" Wednesday to discuss why he's not letting meat-packing giants "off the hook" for their high prices, arguing the four major meat-packers "have an awful lot of market power."
SEN. KEVIN CRAMER: There is, in my view, a concentration problem. When four [meat] packers have, what, 85% of the market and two of the four packers are foreign owned? Neil, that is at least worth looking into.
BIDEN AIMS TO REDUCE MEAT PRICES WITH MORE REGULATIONS, FEDERAL SPENDING
Sen. Kevin Cramer, R-N.D., discusses inflation hitting the meatpacking industry during an appearance on "Cavuto: Coast to Coast" on April 27, 2022. (Fox News)
The way I prefer to tackle this problem is to knock down barriers to entry for other producers, for other packers, for smaller...more state or regional packers and provide an opportunity for more customized, you know, beef or other livestock that matter. So I prefer to tackle it that way, but I don't I don't completely let these big packers off the hook either because they're vertically integrated and they have an awful lot of market power.
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Meatpackers grilled by Congress amid rising prices
Sen. Kevin Cramer, R- N.D., discusses the meatpacking industry amid inflation and how his state is combatting the price increases.