WorldPosted at: Jan 16 2025 7:28PM


Biden warns in farewell speech that ‘oligarchy’ of ultra-rich threatens US democracy

Washington, Jan 16 (UNI) U.S. President Joe Biden used his farewell address to the nation on Wednesday to warn of an “oligarchy” of the ultra-wealthy taking root in the country and of a “tech-industrial complex” that is infringing on Americans’ rights and the future of democracy.
Speaking from the Oval Office as he prepares to hand over power on Monday to President-elect Donald Trump, Biden seized what is likely to be his final opportunity to address the country before he departs the White House to spotlight the accumulation of power and wealth in the U.S. among just a small few, Los Angeles Times reported.
“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 what he sees as “a dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked.”
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