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✨ Video Curator ✨ @videocurator.bsky.social
Jul 9, 03:27 AM

We spend over $800 million on meat every year, but almost all of it goes to just 4 companies who can collude to raise prices, leading to higher and higher costs for us consumers. Credit: @abdulelsayed.bsky.social | Source #MeatMarket #PriceFixing #Antitrust #Conglomerate #Oligopoly

🎤 Whisper Transcript (en) ⏱ 78s

"Happy holidays. On the 4th of July weekend, Americans ate 900 million pounds of meat and we spent $800 million to buy it. But here's the thing. Almost all that money went to one of four companies. Four meat packing companies control the entire meat market in this country. And here's what happens. Because there's only four of them, they can collude to raise prices. That's partially why we spent more this year on meat than we've spent in the past and we keep spending more and more. When a few companies control any one market, that's called an oligopoly. And when you have an oligopoly, what tends to happen is, well, listen, your meat is just as good, it's just more expensive. You end up having to pay a lot more for it. And this is true not just in the meat industry, it's true in so many industries our lives. Let's say you had to travel to go see grandma. You probably had a choice of one of three carriers, flying one of two kinds of airplanes. Our whole economy has been dominated by a few huge conglomerates in every single space where we have to buy. And that costs us money. And we have laws on the books against this. The Federal Trade Commission exists to enforce those laws. The problem is, is that under this administration they've gutted it. I think we need to bring it back. Because I want to make sure that we have real competition in the market so we don't have to keep paying more for less. Because you know what? Where's the beef?"

💬 Discussion

✨ Video Curator ✨ @videocurator.bsky.social · Jul 7, 01:30 PM

We spend over $800 million on meat every year, but almost all of it goes to just 4 companies who can collude to raise prices, leading to higher and higher costs for us consumers. Credit: @abdulelsayed.bsky.social | Source #MeatMarket #PriceFixing #Antitrust #Conglomerate #Oligopoly