In his farewell address to the nation as President of the United States, Joe Biden warned that America faces a threat from an oligarchy of the ultra-wealthy who are gaining excessive influence and power.
"I want to alert the country to some issues that deeply concern me. This dangerous concentration of power in the hands of a very few ultra-rich individuals," Biden stated from the Oval Office, which he will leave next week.
According to him, the emerging oligarchy "literally threatens democracy, our fundamental rights and freedoms, as well as the fair chances of everyone to succeed" (Federal Reserve data shows that the top 0.1% of the wealthiest individuals in the country collectively own wealth five times greater than the total wealth of the bottom 50% - ed.)
Biden's speech referenced the farewell address of one of his predecessors, President Dwight Eisenhower, who warned in 1961 about the dangers of the military-industrial complex. Joe Biden used a modified yet recognizable term, "techno-industrial complex." In his view, it controls social media, from which a "tsunami of misinformation is directed at Americans, creating conditions for the abuse of power." He noted that "free media is collapsing, and social networks are abandoning fact-checking," Biden remarked.
In his 17-minute speech, the outgoing president did not mention the name of his successor, Donald Trump, or anyone from his entourage, but Biden's hint was clear. There is no doubt that billionaire Elon Musk will wield significant influence over the Trump administration from his new position as head of the Office of Efficiency in Government.
Biden expressed his belief in the resilience of American democratic institutions. "Our system of separation of powers, checks and balances may not be perfect. But it has sustained our democracy for 250 years, longer than any country that has ever undertaken such a bold experiment," he stated.
At the end of his message, Biden thanked the nation, his family, and supporters for the "great honor" of serving as president and urged the youth to uphold the principles and institutions that have defined the face of the country.