In an unbelievable display of gaslighting and economic illiteracy, a Wednesday night segment on CBS Evening News tried to convince their viewers that the high prices they're paying for beef, chicken, and pork are due to "corporate greed."
Immediately after a segment on soaring gas prices around the country, fill-in host Jericka Duncan led off the segment on meat prices saying "it's not just fuel costs hitting records. Prices are up across the board. And inflation is getting most of the blame for the sticker shock, but a CBS News investigation found that corporate greed is also a major 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.
"The biggest food price hikes are in meats with pork and beef up fourteen percent to twenty percent from a year ago. Food companies and some economists say pandemic disruptions, inflation, and high demand are to blame. But others question whether there's more at play," Bojorquez reported.
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 then claimed to have pulled Tyson's quarterly reports and suggested that the company "posted three billion dollars in profit in 2021. And over one billion dollars, just last quarter. That means profits were up a staggering forty-eight percent."
In a statement to CBS, Tyson's explained why their prices have continued to climb: "economists and industry analysts confirm that today's higher meat prices are a direct result of constrained supplies due to the labor shortage, higher input costs for such things as grain, labor, and fuel; and stronger consumer demand."
Undeterred, Salvador still claimed that "they're clearly taking advantage" of consumers. Further adding "that means they can name whatever price they want, and if you want to buy meat, you're paying that price."
What was conveniently left out from this report was the real reason meat prices have been rising over the past year. As The Heritage Foundation reported:
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. Increased demand from both domestic and international customers is occurring at the same time as supply-chain disruptions. Farmers are experiencing higher feed costs, and meat-processing facilities are challenged with higher labor costs. These things, taken together, translate into higher meat prices. In other words, simple economics are at play, leading to higher consumer prices.
This was partially addressed in Tyson's statement to CBS, but the network ignored that reasoning and proceeded to accuse Tyson's and their competitors of price gouging for profit. The leftist networks always lead with their anti-free market agenda and ignore all facts that run counter to their narrative.
CBS trying to gaslight their audience into believing higher prices are due to corporate greed was made possible by Prevagen. Their information is linked.
To read the relevant transcript click "expand":
CBS Evening News
3/9/2022
6:43:31 p.m. EasternJERICKA DUNCAN: Well, it's not just fuel costs hitting records. Prices are up across the board. And inflation is getting most of the blame for the sticker shock, but a CBS News investigation found that corporate greed is also a major factor. CBS's Manuel Bojorquez explains.
MANUEL BOJORQUEZ: For Selina Flores and her family, it's no longer about stretching the budget. It's about what gets cut.
SELINA FLORES: It was meat at every meal, and now it's maybe two or three days out of the week.
BOJORQUEZ: The monthly grocery bill for this family of four has nearly doubled, she says. They now rely on a monthly food donation from this nonprofit in Immokalee, Florida, to make ends meet.
FLORES: We're just trying to keep up with everything and the prices keep going up.
BOJORQUEZ: The biggest food price hikes are in meats with pork and beef up fourteen percent to twenty percent from a year ago. Food companies and some economists say pandemic disruptions, inflation, and high demand are to blame. But others question whether there's more at play. Ricardo Salvador is with the Union of Concerned Scientists, a nonprofit advocacy group.
RICARDO SALVADOR: You're seeing just orders of magnitude greater profit. They're not justified by the actual rate of inflation or their increased costs.
BOJORQUEZ: We pulled the quarterly reports on Tyson, the nation's largest meat processor. The company posted three billion dollars in profit in 2021. And over one billion dollars, just last quarter. That means profits were up a staggering forty-eight percent, even as inflation is hurting American families. A big reason for those skyrocketing profits? A thirty-one percent price hike on beef, twenty percent on chicken, and thirteen percent on pork. This was the company's CEO on an earnings call last month:
DONNIE KING: We're not asking customers or consumers ultimately to pay for our inefficiencies. We're asking them to pay for inflation.
BOJORQUEZ: In a statement, Tyson told us economists and industry analysts confirm that today's higher meat prices are a direct result of constrained supplies due to the labor shortage, higher input costs for such things as grain, labor, and fuel; and stronger consumer demand. The other major U.S. Meat suppliers are also posting similar profits. Some analysts, like Salvador, believe the numbers don't add up.
SALVADOR: They're clearly taking advantage. You know, they're profiteering, and we're not the only ones to observe that.
BOJORQUEZ: Even President Biden is weighing in, blasting the meat industry his State of the Union address.
PRESIDENT JOE BIDEN: Capitalism without competition is exploitation. (Applause) It drives up profits.
BOJORQUEZ: Just four companies control up to eighty-five percent of the nation's beef, pork, and chicken markets.
SALVADOR: That means they can name whatever price they want, and if you want to buy meat, you're paying that price.
BOJORQUEZ: So there is nothing to prevent prices from continuing to go up?
SALVADOR: Correct. As long as there isn't competition that will help drive down the prices so that they have a reason to actually be more reasonable.
BOJORQUEZ: And that's why Selina Flores is worried about her children's future.
FLORES: Prices are going up, and they're gonna continue to go up. There's no stopping it. I have to make money because how am I gonna make ends meet?
