Outgoing President Joe Biden delivered a sobering farewell address Wednesday, warning that America’s democracy is sliding into what he called an “oligarchy.” Biden’s remarks called out the growing influence of ultra-wealthy individuals, particularly tech billionaires, who he said are wielding unchecked power over the country’s institutions and public life.
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“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,” Biden said during the televised speech from the Oval Office.
But what exactly is an oligarchy, and why is the term making headlines in the context of modern America?
What Is an Oligarchy?
In simple terms, an oligarchy is a system where power is concentrated in the hands of a small, elite group. These elites often derive their influence from immense wealth, corporate interests, or political connections. Unlike a democracy, where power is intended to rest with the people, an oligarchy prioritizes the interests of the few over the needs of the majority.
While oligarchies have historically been associated with governments like Ancient Sparta or modern-day Russia, Biden’s comments suggest he sees parallels developing in the United States. His reference to a “tech-industrial complex” highlights the dominance of Silicon Valley billionaires such as Elon Musk, Mark Zuckerberg, and Jeff Bezos, who have amassed extraordinary wealth and influence.
Why Biden’s Warning Hits Home
Biden specifically targeted what he called a “tech-industrial complex,” highlighting the role of tech billionaires such as Elon Musk, Mark Zuckerberg, Jeff Bezos, and others in shaping political outcomes and public life.
“There is a dangerous concentration of power in the hands of a few ultra-wealthy people,” Biden said, a thinly veiled reference to figures like Musk, the world’s richest man, who has been openly supportive of President-elect Donald Trump. Musk’s Super PAC reportedly spent $200 million backing Trump’s campaign.
Other tech moguls like Zuckerberg and Bezos have also become increasingly entangled in politics. For example:
- Mark Zuckerberg is co-hosting a Trump inaugural reception next week alongside major Republican donors.
- Jeff Bezos, through Amazon Prime Video, has secured exclusive rights to distribute and theatrically release Melania Trump’s new documentary.
- Sam Altman, CEO of OpenAI, recently donated $1 million to Trump’s inauguration fund, alongside Meta and Amazon.
Biden also took aim at social media companies like Meta for abandoning independent fact-checking efforts, which he argued has enabled the spread of disinformation and created an environment where lies are “told for power and profit.”
Oligarchy in the Context of Climate Change and Disinformation
Beyond tech influence, Biden also tied the concept of oligarchy to two other major issues: climate change and the spread of misinformation. He warned that powerful corporate interests may try to dismantle the progress his administration has made in addressing the climate crisis.
“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,” Biden said.
On misinformation, Biden expressed concern about Americans being “buried under an avalanche of disinformation,” which he said enables the abuse of power and undermines democratic principles.
A Legacy of Accomplishments and Warnings
While much of his farewell address focused on these grave concerns, Biden also reflected on the achievements of his single-term presidency. He highlighted accomplishments such as job creation, infrastructure spending, healthcare advancements, and leading the country through the COVID-19 pandemic.
“It will take time to feel the full impact of all we’ve done together,” he said. “But the seeds are planted, and they’ll grow and they’ll bloom for decades to come.”
Biden also celebrated brokering a ceasefire agreement between Israel and Hamas, which is set to take effect on January 19, just one day before Trump’s inauguration. He described the negotiations as some of the toughest of his career.
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