Outgoing United States President, Joe Biden, has cautioned against a dangerous oligarchy taking shape in America.
In his farewell address on Wednesday, Biden who spoke from the Oval Office said, “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom.”
The 82-year-old took aim at what he described as an ultra-wealthy “tech-industrial complex,” highlighting concerns about its unchecked influence on American democracy. He also used the televised address to raise alarms about climate change and social media disinformation, calling them urgent threats to the nation’s future.
Reflecting on his administration’s achievements, Biden listed progress in job creation, infrastructure spending, healthcare, and leading the country out of the pandemic, saying, “It will take time to feel the full impact of all we’ve done together, but the seeds are planted, and they’ll grow and they’ll bloom for decades to come.”
However, he tempered his remarks with warnings about looming challenges, stating that “so much is at stake right now.” On climate change, Biden criticised efforts to roll back his administration’s initiatives, warning that “powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis to serve their own interests for power and profit.”
Turning to disinformation, Biden cautioned that “Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power.”
He criticised social media platforms, singling out Meta for abandoning independent fact-checking. “Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit,” he said.
In a veiled reference to Silicon Valley titans like Elon Musk, Biden criticised the influence of wealthy tech executives, noting their alignment with incoming President Donald Trump.
“The tech-industrial complex” has, he suggested, strengthened its ties with the soon-to-be administration, including efforts by figures like Jeff Bezos and Mark Zuckerberg to improve relations with Trump.
Biden’s farewell address also coincided with the announcement of a ceasefire agreement between Israel and Hamas. The deal, set to take effect on 19 January, was described by Biden as one of the most challenging negotiations of his career.
