‘Oligarchy taking shape in USA’
WASHINGTON: Outgoing President Joe Biden has warned of a rising ultra-wealthy “oligarchy” in America that poses a threat to the nation’s democracy, as he prepared to cede power to President-elect Donald Trump.
In his farewell address to the nation, Biden also pushed for amending the Constitution to make clear that no president is immune from criminal liability -- an apparent reference to Trump, 78.
In July, the Supreme Court ruled that presidents cannot be prosecuted for “official acts” during their time in office. The court’s ruling stemmed from the Justice Department’s case against Trump over his efforts to overturn the 2020 election.
Biden, 82, on January 20 will hand over the power to Donald Trump who won the presidential elections by defeating Vice President Kamala Harris in both popular votes and the electoral college.
Biden said that he wanted to warn the country of dangers that are concerning him.
“That’s a dangerous concentration of power in the hands of a very few ultra-wealthy people,” he said.
There are dangerous consequences if their abuse of power is left unchecked. “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.
Biden’s warning came as billionaire tech entrepreneurs have exerted increasing influence in US politics including Elon Musk, who is set to play a key role in Trump’s second term.
“We see the consequences all across America, and we’ve seen it before,” said the president seated behind the resolute desk in the Oval Office.
First Lady Jill Biden, Vice President Kamala Harris, Second Gentlemen Dough Emhoff, President’s son Hunter and some of the senior officials in his administration were also present in the room.
Just before speaking, Biden waved to a grandchild and Jill Biden told him “you look great, Joe.”
Singling out social media companies, President Biden warned of the potential rise of a “tech industrial complex,” comparing it to the “military industrial complex” that President Dwight D Eisenhower warned about in his 1961 farewell address. “I’m equally concerned about the potential rise of a tech industrial complex that could pose real dangers for our country as well,” Biden said in the 17-minute speech
Biden criticised misinformation, social media’s failure to fact-check, and the abuse of power, urging accountability for platforms. He emphasized reforms, including ethics for the Supreme Court, and safeguarding democracy from concentrated power. agencies
