Unbelievable display of economic incompetence and gaslighting CBS Evening NewsOn Wednesday night, the segment tried to convince viewers that their high prices for chicken, pork and beef are not due to greed.
Jericka, the fill-in host, started the segment on meat prices immediately after the segment regarding soaring gasoline prices across the country. The prices have risen across all areas. Inflation is the main culprit for sticker shock. However, a CBS News investigation revealed that corporate greed was also a significant factor.
Picking up on Duncan’s intro, national correspondent Manuel Bojorquez interviewed a woman in Immokalee, Florida who is struggling to make ends meet because of the rampant inflation at the grocery store.
Meats have seen the largest price rises. They are up between 14 and 20 percent, respectively, compared to a year ago. Economists and food businesses agree that high demand, inflation and pandemic disruptions are the reasons for this increase in prices. Bojorquez stated that there are other factors at play.
He then brought in Ricardo Salvador from the Union of Concerned Scientists, which purported to be a nonprofit advocacy group. Salvador claims that the rise in prices of meats isn’t “justified by the actual rate of inflation” and are “orders of magnitude greater profit.”
Bojorquez claimed that Tyson had pulled his quarterly reports, and stated that Tyson “posted three million dollars in profits in 2021. This was just the last quarter. Profits increased by an astonishing 48%.
Tyson’s stated that their meat prices continue to rise in a statement sent to CBS. “Economists as well as industry analysts have confirmed that today’s high prices for meat are due to constrained supply, higher input cost such as food, fuel and grain; and stronger consumer demands.”
Salvador was not deterred and claimed “they are clearly taking advantage of” consumers. Salvador stated that they are able to set any price they wish, which means that if someone wants meat they will charge it.
The real reason that meat prices are on the rise over the past year was not mentioned in this report. According to The Heritage Foundation,
In part, there is still high demand at grocery stores for meat, even as demand from restaurants that purchased far less meat during the pandemic has dramatically picked up. There is an increase in demand both from domestic and international consumers, as well as disruptions to supply chains. Farmers are experiencing higher feed costs, and meat-processing facilities are challenged with higher labor costs. This all adds up to higher meat prices. These simple economics lead to higher consumer prices.
Tyson addressed this in part, but CBS ignored it and continued to accuse Tyson and its competitors of profiteering from price gouging. All facts contrary to the leftist network’s narrative are ignored by them.
Prevagen made it possible for CBS to persuade their audience that high prices are due corporate greed. They are linked.
Click “expand to view the transcript”
CBS Evening News
3/9/2022
Eastern, 6:43:31JERICKA DUNCAN (Reporter): It’s more than fuel prices hitting record levels. The prices have risen across all sectors. Inflation is the main culprit for sticker shock. However, a CBS News investigation revealed that corporate greed was also an important factor. CBS’s Manuel Bojorquez explains.
MANUEL BOJORQUEZ – It’s not about the money. What gets cut is what matters.
SELINA FLORES: Once, there was meat with every meal. Now it only happens two or three times a week.
BOJORQUEZ: This family of four’s monthly grocery bill has almost doubled. To make ends met, they now depend on the monthly food donation of this non-profit in Immokalee.
FLORES – We are just trying to keep pace with everything, and prices keep rising.
BOJORQUEZ, The most significant food price rises have occurred in meats. Prices for beef and pork rose by 14 to 20% compared with a year ago. Economists and food businesses agree that high demand, inflation and pandemic disruptions are responsible. Some others wonder if there is more to the story. Ricardo Salvador, an advocate group for nonprofits, is associated with Union of Concerned Scientists.
RICARDO SALVOOR: Your profit is just an order of magnitude more. These profits are not justifiable by inflation rates or increased costs.
BOJORQUEZ, We pulled quarterly reports from Tyson (the nation’s most important meat processor). It posted a profit of three billion dollars for the year 2021. The company also made more than one million dollars in profit last quarter. Profits climbed by astonishing 48% despite inflation affecting American families. The main reason these profits have soared is the following: Three-oneth of a percent increase in beef prices, two percent for chicken and thirteen percent for pork. This was the CEO of the company on last month’s earnings call.
DONNIE KING: Customers or consumers are not required to cover our inefficiencies. We ask them to contribute for inflation.
BOJORQUEZ – Tyson stated that economists and analysts from the industry confirm today’s high meat prices as a result of lower supplies, increased input costs such as fuel, grain and labor; and stronger consumer demand. Similar profits are being reported by the other U.S. meat suppliers. Salvador and other analysts believe that the numbers aren’t correct.
SALVADOR: They are clearly profiting. We know they are profiteering and that we don’t have to be the only ones who notice it.
BOJORQUEZ – Even President Biden weighs in on the matter, blasting the meat sector during his State of the Union speech.
JOE BIDDEN, PRESIDENT: The only way to capitalise without competition is through exploitation. It increases profits.
BOJORQUEZ, Only four firms control over eighty-five per cent of nation’s meat, pork and poultry markets.
SALVADOR: This means that they are able to set any price, so if they decide you would like to purchase meat, then you will have to pay it.
BOJORQUEZ – So prices can continue to rise?
SALVADOR: Correct. There is no reason for prices to be lower if there isn’t any competition.
BOJORQUEZ
FLORES: The prices are rising and will continue to rise. This trend is unstoppable. Because I don’t have the money to pay my bills, how can I make ends meet?
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