President Biden warns of rising oligarchy and tech-industrial complex in farewell address

In his farewell address from the Oval Office on Wednesday, President Joe Biden issued stark warnings about the growing influence of an “oligarchy” of ultra-wealthy individuals and a “tech-industrial complex” threatening American democracy and individual rights. The address comes as Biden prepares to hand over power to President-elect Donald Trump on Monday.

Biden emphasized the dangers of wealth concentration in the U.S., asserting that a small group of extremely wealthy individuals are amassing disproportionate power. “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,” he stated.

Drawing a parallel to President Dwight Eisenhower’s 1961 caution about the military-industrial complex, Biden voiced concerns about the emerging influence of a tech-industrial complex, warning of its potential dangers to the nation.

In a bid to model a peaceful transfer of power, Biden avoided direct references to Trump but hinted at concerns regarding his successor. Biden, who has long criticized Trump as a threat to democratic governance, called for vigilance in protecting freedoms and institutions amid rapid technological and economic changes.

Biden’s remarks also touched on the concentration of power among tech magnates who have recently aligned with Trump. Notable figures like Elon Musk, Mark Zuckerberg, and Jeff Bezos have shown support for the incoming administration, raising concerns about their influence on policy.

During his address, Biden proposed several measures to curb the power of the wealthy elite, including tax reforms to ensure billionaires pay their fair share, stricter regulations on political campaign funding, term limits for Supreme Court justices, and a ban on stock trading by members of Congress.

Biden’s presidency has been marked by significant legislative achievements but also challenges, including inflation and international conflicts. His farewell address highlighted his administration’s efforts and the long-term impact of his policies, despite the public’s mixed perceptions of his term.

Reflecting on his 50-year political career, Biden spoke about his journey from being the youngest senator at age 30 to serving as vice president under Barack Obama and eventually becoming the 46th President of the United States. His presidency, characterized by efforts to unify the nation and address systemic challenges, concludes with a focus on ensuring a smooth transition and safeguarding democratic principles.

Biden’s final remarks underscored his commitment to a peaceful handover of power, with his family and Vice President Kamala Harris in attendance, symbolizing the end of his tenure and the beginning of a new chapter in American leadership.