Washington: President Joe Biden delivered a stark warning in his farewell address, cautioning against the growing concentration of wealth and power in the hands of a privileged few. Speaking from the Oval Office as he prepared to transition leadership to President-elect Donald Trump, Biden expressed deep concern over the emergence of an “oligarchy” that threatens the pillars of American democracy.
Biden criticized the unchecked power of the ultra-wealthy, stating, “A dangerous oligarchy is forming in America, rooted in extreme wealth and influence, jeopardizing our democracy, rights, and the opportunity for all to prosper.” Drawing a parallel to President Dwight Eisenhower’s warning about the military-industrial complex, Biden highlighted the rise of a “tech-industrial complex” as an equally significant threat to democratic institutions.
Prominent billionaires, including Elon Musk, have financially supported Trump’s presidency, with Musk contributing over $100 million to the campaign. Tech leaders like Mark Zuckerberg and Jeff Bezos have also backed Trump and engaged with him at his Florida estate.
Biden called for a constitutional amendment to remove immunity for sitting presidents, referencing a Supreme Court ruling that protected Trump from criminal liability regarding alleged attempts to overturn the 2020 election results.
Reflecting on his presidency, Biden acknowledged both achievements and challenges, such as leading pandemic recovery efforts, boosting domestic manufacturing, and lowering prescription drug prices. He concluded by recalling his humble beginnings and improbable rise to the presidency, highlighting the opportunities America offers.
