In his farewell address from the Oval Office, outgoing US President Joe Biden expressed grave concerns over the growing concentration of wealth and power in America. He described the emergence of an oligarchy as a threat to the nation’s democracy and equality. Biden warned, “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.” He stressed the potential dangers of unchecked power wielded by the ultra-wealthy.
Biden also drew parallels to President Dwight Eisenhower’s caution about the military-industrial complex in 1961, extending it to today’s tech landscape. He cautioned against a “tech-industrial complex” that he believes could jeopardize the country’s future. “I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” Biden stated, highlighting the growing influence of technology giants and their potential impact on American rights and democracy.
Biden emphasized the need for systemic reforms to address these challenges. Among his proposals was a call for a constitutional amendment to remove immunity for sitting presidents, citing the Supreme Court’s recent decision granting broad protections to President-elect Donald Trump. He argued this change is necessary to uphold accountability in governance.
The outgoing president also addressed the increasing involvement of billionaires and tech leaders in politics, particularly their support for Donald Trump following his recent presidential victory. High-profile figures like Elon Musk, Mark Zuckerberg, and Jeff Bezos have contributed significantly to Trump’s campaign and inaugural fund, raising concerns about the undue influence of wealth on political outcomes.
As Biden prepares to leave office, he leaves behind a stark warning about the nation’s future, urging Americans to remain vigilant against threats to democracy and equality posed by the concentration of wealth and technological power.
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