Gutless politicians are an unsurprising feature, but are nonetheless disappointing. Their constituents often do not care why beef prices are high; they just want them lowered. And if there is no easy solution, then the politician’s goal is to deflect the criticism toward anyone else, whether it is true or not. Bloomberg has a good article highlighting the strong demand for beef at a time when the cattle herd is at its smallest in decades. The data-driven dissection of the beef value chain shows packers and stockers as the only money-losing waystations along the route. They will have the sympathies of health insurers who are similarly blamed for high health care costs despite data to the contrary. The media and even the industry itself...