US President Joe Biden warns against ‘oligarchy, dangerous concentration of power’ in farewell speech

Outgoing US President Joe Biden, who is set to exit the White House in less than five days, warned against “oligarchy taking shape in America” and a “dangerous concentration of power” among a very few ultra wealthy people that threatens the country’s democracy and a fair shot for everyone to get ahead.

He made the remarks while delivering his farewell speech from the Oval Office on Wednesday night (local US time). This is Biden’s fifth address from the Oval Office. The last remarks were made in July 2024 when he announced that he was dropping out of the presidential race, paving the way for Vice President Kamala Harris to secure the Democratic nomination.

“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 and a fair shot for everyone to get ahead,” the 82-year-old outgoing leader said.

“The very idea of America is that everyone is entitled to a fair shot. Going as far as your hard work and talents can take you. We can never lose that essential truth.”

Biden, while invokingformer President Dwight Eisenhowers warnings about the military-industrial complex when he left the White House in 1961, said, Im equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well.

Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing.Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power, he urged.

(With Reuters, AP inputs)