Biden warns of an ultra-wealthy ‘oligarchy’ threatening democracy in the United States as he delivers his farewell address.
US President Joe Biden used his farewell address to the nation to deliver stark warnings about an “oligarchy” of ultra-wealthy individuals and a “tech-industrial complex” that infringes on Americans’ rights and threatens the future of democracy in the nation.
Speaking from the Oval Office, which he’s set to vacate on Monday, Biden used the address to sound alarm over the accumulation of wealth and power among a small few. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked.”
The address bore a striking resemblance to that of former President Dwight Eisenhower’s final address in 1961, where he warned the nation about the rise of a military-industrial complex.
“I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” added the US president.
Biden used his 15-minute address to offer a model for a peaceful transfer of power and raise concerns about his successor, Donald Trump, without mentioning his name.
Biden’s remarks come after some of the world’s richest individuals and titans of its technology industry have flocked to Trump’s side in recent months, particularly after his victory in the 5 November presidential elections.
Billionaire Elon Musk spent more than $100 million (€97.25 million) on helping Trump get elected. Executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inaugural committee and made pilgrimages to the incoming president’s private club in Florida.
Biden’s speech is the latest in a series of remarks on domestic policy and foreign relations he has delivered that are intended to cement his legacy, and reshape the public’s critical views on his term in office.
On Thursday, the outgoing president heralded a long awaited ceasefire agreement between Israel and Hamas, which could end more than a year of fighting in the Middle East and tens of thousands of lives lost.
Biden also stated that the tax code must be reformed. In his speech he offered his own set of solutions for problems he deemed critical to address. The US president says big tax cuts to billionaires must be eliminated, stating that they need to “pay their fair share”.
Biden ended his message by thanking the nation, his family and supporters for the “great honour” of serving as president, and urged the youth to stand guard and continue to uphold the principles and institution on which the country stands.
