President Joe Biden delivered a televised farewell address on Wednesday. Sitting at his desk in the Oval Office, Biden discussed the fundamental values of the United States, reflected on his 50-year political career, and warned of an “oligarchy” growing in power and influence within the country.
What is an oligarchy, and why should we be worried?
In what may be the most striking aspect of Biden’s farewell speech, the outgoing president warned of “the dangerous concentration of power in the hands of a very few ultrawealthy people and the dangerous consequences if their abuse of power is left unchecked.”
The president warned that “an oligarchy is taking shape” in the United States.
Oligarchy, a term originating in ancient Greece that means “rule by the few,” has been used in modern times to describe instances in which a few wealthy and often corrupt individuals hold significant power and influence within a society. Examples include the late 1800s and early 1900s in the United States, in which “robber barons” used unfair business practices and labor exploitation to become wealthy businessmen and industrialists at the expense of the larger population. The term oligarchy is also used to describe the influence of the ultra-rich in present-day Russia.
Biden: “I want to warn the country of some things that give me great concern. That’s the dangerous concentration of power in the hands of a very few ultra wealthy people and the dangerous consequences if their abuse of power is left unchecked. Today, an oligarchy is taking shape” pic.twitter.com/3JFO40udS3
— Aaron Rupar (@atrupar) January 16, 2025
Regulating industry, government and enforcing ‘the same rules’ for the rich
“More than a century ago, the American people stood up to the robber barons back then and busted the trusts,” Biden said about legislation from the late 19th and early 20th century that broke up monopolies and ensured fairer competition. Referencing President Eisenhower’s warnings about the “military-industrial complex” in his 1961 farewell speech, Biden compared it to a “tech-industrial complex” growing in the 21st century. Biden pointed toward artificial intelligence and social media as industries that should be regulated to fight misinformation and protect privacy and rights. The president called more generally for regulating the wealthy.
“People should be able to make as much as they can, but pay — play by the same rules, pay their fair share in taxes,” the president said in his speech.
President Biden says he’s concerned about the rise of a “tech-industrial complex” and calls for holding social media platforms accountable.
“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is… pic.twitter.com/98hGxVph2r
— CBS News (@CBSNews) January 16, 2025
Biden additionally called for more significant regulations for those in political office. He called for banning “dark money — that’s that hidden funding behind too many campaign contributions.” He proposed more stringent ethical rules, an 18-year term limit for Supreme Court Justices, a ban on sitting members of Congress from trading stocks, and a constitutional amendment “to make clear that no president, no president is immune from crimes that he or she commits while in office.”
In his farewell address, Biden calls for:
An end to dark money
18 year term limit on Supreme Court Justices and ethics reform
A ban on stock trading in Congress
Amending the Constitution to say no president is immune from crimes committed in office pic.twitter.com/qXJ6k364iY
— Acyn (@Acyn) January 16, 2025
Biden’s domestic and international accomplishments
Biden used his time to tout his administration’s accomplishments. He pointed out international achievements, beginning his remarks by taking credit for a recent ceasefire deal announced between Israel and Hamas after over a year of fighting in Gaza and later referencing victories in strengthening NATO, supporting Ukraine in its war against Russia and competing with China for global influence. The president also listed various domestic achievements of his presidency in areas such as job creation, healthcare expansion, lowering prescription drug prices, and passing gun safety legislation. The president referenced his over 50 years in government, and he thanked the armed services, Vice President Kamala Harris and her husband, Doug Emhoff, first lady Jill Biden and the rest of the Biden family for their work and support. At the end of his speech, he thanked the American people and called on them to remain vigilant, telling them, “Now it’s your turn to stand guard.”
With billionaire and convicted felon President-elect Donald Trump set to take office in a few days and ultra-wealthy supporters like Elon Musk already wielding significant influence, Biden’s warnings about an oligarchy are a cause for immediate concern. The outgoing president’s concerns about the impact of the rich and powerful highlight some of the significant challenges that the United States and its democracy will face over the next four years.
The post Biden, In Farewell Address, Warns Country Of ‘Oligarchy’ Taking Over appeared first on Blavity.