Biden warns of threat to democracy from ultra-wealthy ‘oligarchy’

In his farewell address to the nation, U.S. President Joe Biden on Wednesday sounded an alarm over the growing dominance of an “oligarchy’’ led by the ultra-wealthy.

Speaking from the Oval Office, Biden described the rise of “extreme wealth, power and influence in the U.S. “that literally threatens our entire democracy.

“Our basic rights and freedoms and a fair shot for everyone to get ahead.’’

Biden pointed to “a dangerous concentration of power in the hands of a few ultra-wealthy people, warning of dangerous consequences if their abuse of power left unchecked.’’

He also warned about the dangers of a tech-industrial complex that could pose real dangers for our country as well.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” Biden said.

“The free press is crumbling. Editors are disappearing.

Social media is giving up on fact checking. The truth is smothered by lies, told for power and for profit.

“We must hold the social platforms accountable, to protect our children, our families, and our very democracy from the abuse of power.’’

Biden appeared to be referencing U.S. billionaires Elon Musk and Mark Zuckerberg without naming them directly.

Musk maintained a particularly close relationship with Biden’s successor, Donald Trump, who is set to be inaugurated on Monday.

Musk the owner of social media platform X, advised the incoming administration on spending cuts and frequently comments on political matters in spite of holding no official position.

Zuckerberg, boss of Facebook parent company Meta, recently shifted away from the previous moderation model on his social platforms, signalling alignment with Trump and the Republican Party.

This move mirrors Musk’s approach, who, after acquiring Twitter, significantly relaxed content restrictions on the platform.

Critics, including researchers and users, claim that the platform, which Musk renamed X, has since become a haven for unchecked hate speech, though the company denies these allegations.

Both Musk and Zuckerberg are thought to be leveraging their ties to Trump in hopes of benefiting their businesses.

Biden, 82, will hand over to Trump on Monday, after the Republican claimed a resounding victory in the last November’s elections.

Biden, a veteran Democrat, will not only leave the White House after four years at the helm of the world’s most powerful democracy but also close the curtain on a long career in politics.

“It has been the privilege of my life to serve this nation for over 50 years,’’ Biden wrote in a heartfelt message published ahead of his official farewell address.

The White House sent out a long list of milestones achieved by Biden as president, including a historic recovery from the Coronavirus pandemic and growing the economy and lowering costs during his time in office.

However many Americans would also remember Biden for his insistence on running for a second term, in spite of long-simmering concerns about his age and mental fitness.

Following a disastrous debate performance, Biden eventually stepped aside just months before the election, allowing Democrats to nominate Vice President Kamala Harris as their candidate.

In spite of hopes that she might be able to turn things around, Trump comfortably beat Harris in the vote on Nov. 5.