Joe Biden warns of dangers of ultra-rich 'oligarchy' running America in final Oval Office speech
Share:
President Joe Biden seized what may be his final opportunity to reshape Americans' grim views on his term as he delivered a farewell address to the US on Wednesday night. Speaking from the Oval Office as he prepares to hand over power to President-elect Donald Trump, Mr Biden sounded the alarm over the accumulation of power and wealth 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," Mr 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.".
Invoking president Dwight Eisenhower's warnings about the military-industrial complex when he left office, he added: "I'm equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well.". Mr Biden sounded the alarm as some of the world's richest individuals and titans of its technology industry have flocked to Mr Trump's side in recent months, particularly after his November victory.
Billionaire Elon Musk spent more than 100 million dollars (£81.7 million) on helping Mr Trump get elected, and executives like Meta's Mark Zuckerberg and Amazon's Jeff Bezos have donated to Mr Trump's inaugural committee and made pilgrimages to Mr Trump's private club in Florida for an audience with the president-elect.
