{"id":1048880,"date":"2021-11-23T15:45:36","date_gmt":"2021-11-23T20:45:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1048880"},"modified":"2021-11-23T15:45:41","modified_gmt":"2021-11-23T20:45:41","slug":"dismissing-inflation-concerns-warren-asks-the-doj-to-probe-poultry-companies-for-corporate-greed-in-raising-turkey-prices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dismissing-inflation-concerns-warren-asks-the-doj-to-probe-poultry-companies-for-corporate-greed-in-raising-turkey-prices\/","title":{"rendered":"Dismissing Inflation Concerns, Warren Asks The DOJ To Probe Poultry Companies For \u2018Corporate Greed\u2019 In Raising Turkey Prices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdismissing-inflation-concerns-warren-asks-the-doj-to-probe-poultry-companies-for-corporate-greed-in-raising-turkey-prices%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1048880&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Dismissing the reality of high inflation, Sen. Elizabeth Warren (D-MA) asked the Department of Justice to investigate poultry companies for using their combined market power to raise turkey prices.<\/p>\n<p>As <a href=\"https:\/\/www.dailywire.com\/news\/with-recent-price-increase-tyson-foods-successfully-passes-inflation-costs-on-to-consumers\">The Daily Wire<\/a> reported earlier this month, meat and poultry producers like Tyson Foods are raising prices due to inflationary pressures. Nevertheless, Warren accused Tyson and its competitors of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed.\u201d<\/p>\n<p>Her <a href=\"https:\/\/www.warren.senate.gov\/imo\/media\/doc\/2021.11.22%20Letter%20to%20DOJ%20re%20Rising%20Poultry%20Prices%20.pdf\">letter<\/a> to Assistant Attorney General Jonathan Kanter says:<\/p>\n<p>As poultry companies report record profits, hand out executive pay raises, and spend billions on stock buybacks and dividends, I am requesting that the Antitrust Division of the Department of Justice (DOJ) examine how poultry companies\u2019 anticompetitive practices raise costs for American families and lower wages for American farmers \u2014 all while enriching poultry executives and shareholders.&nbsp;<\/p>\n<p>The heavily concentrated poultry industry, in which the top four companies (Tyson Foods, Inc. (Tyson), Pilgrim\u2019s Pride, Perdue, and Sanderson Farms) control over half of the market, has seen disproportionate price increases this year. In May 2021, processed-poultry prices jumped to an all-time high, with consumer prices continuing to increase through October. And with the holidays approaching, American families are feeling these price increases at the grocery counter\u2026<\/p>\n<p>Lack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders. When companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.<\/p>\n<p>In a <a href=\"https:\/\/www.warren.senate.gov\/newsroom\/press-releases\/warren-calls-for-doj-investigation-into-top-poultry-companies-anticompetitive-practices-as-americans-face-record-high-turkey-prices-ahead-of-thanksgiving\">press release<\/a>, Warren dismissed the possibility that firms\u2019 price increases are related to \u201cinflationary costs.\u201d However, several reports <a href=\"https:\/\/www.dailywire.com\/news\/thanksgiving-just-got-more-expensive\">indicate<\/a> that the high price of corn feed is causing a modest decline in turkey production.<\/p>\n<p>According to the American Farm Bureau Federation, a lobbying group representing the American agriculture sector, the average <a href=\"https:\/\/www.dailywire.com\/news\/bidens-inflation-farm-bureau-says-thanksgiving-dinner-will-cost-14-more-this-year\">cost<\/a> of a Thanksgiving meal for ten people will be $53.31 in 2021 \u2014 representing a 14% price hike in a single year. The price of turkey has increased by 24%.<\/p>\n<p>Meanwhile, the United States Census Bureau <a href=\"https:\/\/www.dailywire.com\/news\/consumers-absorb-inflation-as-retail-sales-increase\">revealed<\/a> that American retail and food services sales rose by 1.7% between September and October. The Wall Street Journal added that although increased sales are a positive sign as the holiday season begins, higher price levels are a partial driver of the trend.&nbsp;<\/p>\n<p>\u201cThe combination of strong demand, snarled supply chains, higher prices and an unbalanced labor market is making for an unusual holiday season where record sales may be accompanied by shortages and long waits for goods. Inflation may also start to cut into demand for consumers with lower incomes who may put off purchases due to price increases,\u201d explains the outlet. \u201cRetail sales figures aren\u2019t adjusted for inflation, so some of the increase can be attributed to higher prices.\u201d<\/p>\n<p>Despite inflation, White House officials have argued that the pending multitrillion-dollar Build Back Better Act would help Americans cope with higher expenses. Brian Deese \u2014 who directs the National Economic Council \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/biden-economic-adviser-suggests-passing-1-75-trillion-bill-would-help-solve-effects-of-inflation\">explained<\/a> that \u201cthis bill is actually going to address the core costs that American families are facing in child care, in housing, in health care.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dismissing the reality of high inflation, Sen. Elizabeth Warren (D-MA) asked the Department of Justice to investigate poultry companies for using their combined market power to raise turkey prices.As The Daily Wire reported earlier this month, meat and poultry producers like Tyson Foods are raising prices due to inflationary pressures. Nevertheless, Warren accused Tyson and its competitors of \u201cprice fixing,\u201d \u201cexcessive consolidation,\u201d and \u201cplain-old corporate greed.\u201dHer letter to Assistant Attorney General Jonathan Kanter says:As poultry companies report record profits, hand out executive pay raises, and spend billions on stock buybacks and dividends, I am requesting that the Antitrust Division of the Department of Justice (DOJ) examine how poultry companies\u2019 anticompetitive practices raise costs for American families and lower wages for American farmers \u2014 all while enriching poultry executives and shareholders.\u00a0The heavily concentrated poultry industry, in which the top four companies (Tyson Foods, Inc. (Tyson), Pilgrim\u2019s Pride, Perdue, and Sanderson Farms) control over half of the market, has seen disproportionate price increases this year. In May 2021, processed-poultry prices jumped to an all-time high, with consumer prices continuing to increase through October. And with the holidays approaching, American families are feeling these price increases at the grocery counter\u2026Lack of competition in the poultry industry is allowing these massive companies to squeeze both American consumers and farmers to fuel record corporate profits and payouts to shareholders. When companies have monopoly power as massive suppliers, they can jack up prices of the goods they sell.In a press release, Warren dismissed the possibility that firms\u2019 price increases are related to \u201cinflationary costs.\u201d However, several reports indicate that the high price of corn feed is causing a modest decline in turkey production.According to the American Farm Bureau Federation, a lobbying group representing the American agriculture sector, the average cost of a Thanksgiving meal for ten people will be $53.31 in 2021 \u2014 representing a 14% price hike in a single year. The price of turkey has increased by 24%.Meanwhile, the United States Census Bureau revealed that American retail and food services sales rose by 1.7% between September and October. The Wall Street Journal added that although increased sales are a positive sign as the holiday season begins, higher price levels are a partial driver of the trend.\u00a0\u201cThe combination of strong demand, snarled supply chains, higher prices and an unbalanced labor market is making for an unusual holiday season where record sales may be accompanied by shortages and long waits for goods. Inflation may also start to cut into demand for consumers with lower incomes who may put off purchases due to price increases,\u201d explains the outlet. \u201cRetail sales figures aren\u2019t adjusted for inflation, so some of the increase can be attributed to higher prices.\u201dDespite inflation, White House officials have argued that the pending multitrillion-dollar Build Back Better Act would help Americans cope with higher expenses. Brian Deese \u2014 who directs the National Economic Council \u2014 explained that \u201cthis bill is actually going to address the core costs that American families are facing in child care, in housing, in health care.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1048880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1048880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1048880"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1048880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1048880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1048880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1048880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}