8-10 news: Pork industry seeks $50 million federal bailout
Iowa Governor Chet Culver explained the need for assistance, stating, “The industry is facing some difficult challenges in this economic downturn. Unfounded concern over pork supply due to the H1N1 flu have led to greater difficulty.” Neil Dierks, CEO of the National Pork Producers Council, added that producers lost about $21 for every hog they have been selling since late 2007.
The governors sent a letter to President Obama noting that the pork production industry accounted for about $550,200 jobs across rural America. It stated that pork producers have lost about $330 million in profits since the flu outbreak, and the losses could reach more than $1 billion by October.