In his farewell speech, Biden warns that the ultra-rich, ‘tech-industrial complex’ threatens American democracy
US President Joe Biden used his farewell address to the nation on Wednesday to warn of an “oligarchy” of the ultra-rich that has taken root in the country and a “tech-industrial complex” that is violating the rights of Americans and the future of democracy.
Speaking from the Oval Office as he prepares to hand over power Monday to President-elect Donald Trump, Biden sounded the alarm about the accumulation of power and wealth among a few.
“There is an oligarchy of extreme wealth, power and influence taking shape in America today that really threatens our entire democracy, our basic rights and freedoms and fair opportunities for all to thrive,” Biden said, calling attention to “the dangerous concentration of power in the hands of a few ultra- of rich people. Dangerous consequences if their abuse of power is not controlled.”
Referring to Dwight Eisenhower’s warnings about the military-industrial complex when he left office, he added: “I am equally concerned about the potential rise of a technological-industrial complex that could pose a real danger to our country as well.”
Biden’s warning comes as some of the world’s richest individuals and tech industry titans have sided with Trump in recent months, particularly after his victory in November.
US President Joe Biden will conclude his half-century political career on Wednesday with a final speech in the Oval Office. In the letter, Biden said he ‘gave his heart and his soul to our nation.’
Billionaire Elon Musk spent more than $100 million helping Trump get elected, and executives like Mark Zuckerberg of Meta and Jeff Bezos of Amazon donated to Trump’s inaugural committee and made the pilgrimage to Trump’s private club in Florida for an audience with the president-elect.
Biden also called for a constitutional amendment to end immunity for sitting presidents after The Supreme Court granted Trump sweeping protections last year from criminal liability for his role in trying to undermine his defeat by Biden in 2020.
