The four largest meat processing companies operating in the US market are literally harvesting during a coronavirus pandemic. The White House’s economic advisers have found that these companies have tripled their profit margins compared to the pre-pandemic situation.
These are companies that control 55 to 85 percent of the beef, poultry and pork processing market. According to the National Economic Council (White House Economic Advisory Board), after examining the financial statements, the four processors found that the increase in the price of meat did not correspond to the reasons given by the companies.
It turned out that prices did not rise due to the declared increase in labor costs or meat transport. White House economic advisers found that the main reason was a threefold increase in margins. Gross profits of meat processors increased by 120 and net profits even by 500 percent.
However, the North American Meat Institute rejected the conclusions of the analysis, saying that the White House had chosen only the data that suited it. In addition, it was reportedly published on the same day as November inflation in the USA was announced. According to Julie Anna Potts Institute president, this is “no coincidence.”