US President Joe Biden used his farewell speech on Wednesday to warn of an “oligarchy” of the ultra-rich taking hold in the country and a “techno-industrial complex” that is violating the rights of Americans and the future of democracy.
As he prepares to hand over power to President-elect Donald Trump in the Oval Office on Monday, Biden sounded the alarm about the accumulation of power and wealth among a few.
“Today an oligarchy of extreme wealth, power and influence is taking shape in America that truly threatens our entire democracy, our fundamental rights and freedoms and offers everyone a fair chance to get ahead,” Biden said, drawing attention to “a dangerous concentration” of power grabs in the hands of a few super-rich people. Dangerous consequences if their abuse of power goes unchecked.
Citing Dwight Eisenhower’s warnings about the military-industrial complex as he left office, he added: “I am equally concerned about the possible rise of a techno-industrial complex that could also pose a real danger to our country. “
Biden’s warning comes as some of the world’s richest people and tech industry giants flocked to Trump’s side in recent months, particularly after his victory in November.
US President Joe Biden will crown his half-century political career with a final speech in the Oval Office on Wednesday. In a letter, Biden said he had “given my heart and soul to our nation.”
Billionaire Elon Musk spent more than $100 million to help Trump get elected, and executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inauguration committee and trekked to Trump’s private club in Florida to attend to give an audience to the elected president.
Biden also called for a constitutional amendment to remove the immunity of sitting presidents after the Supreme Court last year gave Trump broad protection from criminal liability for his role in trying to undermine his 2020 defeat by Biden.
