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Biden warns of an ultra-wealthy ‘oligarchy’ threatening democracy in the United States as he delivers his farewell address.
ADVERTISEMENTUS 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.“It’ll take time to feel the full impact of what we’ve done together but the seeds are planted and they’ll grow and they’ll bloom for decades to come”. It was a tacit acknowledgement of the trillions of dollars Biden spent on domestic initiatives, which Americans have largely criticised saying they have yet to feel the impact or see the effectiveness of his policy.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”.He also added that the government must eliminate the flow of hidden sources of money into political campaigns, establish 18-year term limits for members of the Supreme Court and ban members of Congress from trading stocks.Federal reserve date shows the wealthiest 0.1% of the country combined hold more than five times the wealth of the bottom 50% combined.His policy prescriptions come as his political capital is at its lowest as he prepares to exit the national stage, having done little to advance those causes himself during his four years in power.Biden isn’t leaving the White House the way he had hoped. The US president tried to run for re-election, brushing aside voters’ concerns about his old age and mental acuity. After stumbling in a debate with Trump, and producing a reel of gaffes, Biden dropped out of the race under pressure from his own party, paving the way for his Vice President Kamala Harris to chair the Democratic ticket.ADVERTISEMENTThe address not only bid farewell to Biden’s presidency, but also his five decades in politics. Biden was once the nation’s youngest senator at 30 years old, after being elected to represent his home state of Delaware in 1972.He pursued the presidency in 1988 and 2008, before becoming Barack Obama’s vice president. After serving two terms with Obama, Biden was considered to be retired from politics, but he returned to centre stage as the unlikely Democratic nominee in 2020, shutting down Trump’s re-election bid and removing him from office.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.
