Biden warns of the power of ‘oligarchs’
The outgoing US President warned of the risks of unchecked power in a farewell address from the Oval Office.
US President Joe Biden said an oligarchy and a tech industrial complex were taking hold in America, warning of the risks of unchecked power in a farewell address that served as a bittersweet coda to his 50-year political career.
Mr Biden, in a 17-minute Oval Office speech that included a few stumbles, highlighted his work to usher the country out of the coronavirus pandemic and investing in infrastructure and technology, but spent much of his time speaking about his concerns and hopes for the country’s future.
From behind the Resolute Desk, Mr Biden cited an oligarchy “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.”
“We see the consequences all across America, and we’ve seen it before, more than a century ago, but the American people stood up to the robber barons back then,” Mr Biden said.
He recalled President Dwight D. Eisenhower’s final speech in 1961, which focused on the military-industrial complex, as he issued warnings about threats he views on the horizon.
In a nod to Eisenhower, Mr Biden cited the potential rise of a “tech industrial complex”, pointing to what he said is “an avalanche of misinformation” and social-media companies giving up on fact-checking – a reference to a recent announcement by Meta. “The truth is smothered by lies told for power and for profit,” he said.
His warnings come days before Donald Trump returns to the White House for a second term. Mr Trump has become closely aligned with Tesla and Space X chief executive Elon Musk, the world’s richest man, and the incoming president has assembled a cabinet that includes multiple billionaires. In their unsuccessful campaign, Democrats cautioned that Mr Trump’s policies would benefit the wealthiest Americans and corporate interests.
With just days left in his presidency, Mr Biden wished the “incoming administration” success and said he was committed to a peaceful transition. But he also offered veiled criticism of Mr Trump, including calling for amending the Constitution “to make clear that no president, no president, is immune from crimes that he or she commits while in office”.
The Supreme Court ruled last year that former presidents enjoy sweeping immunity for their acts while in office, dealing a blow to Mr Trump’s prosecution on charges he sought to subvert the 2020 election.
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