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Farewell from Biden: Call to defend democracy against ultra-wealthy

In his farewell address, President Biden warned of the growing threat of an oligarchy and the dangers posed by a tech-industrial complex, urging Americans to remain vigilant against the concentration of wealth and power.

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Edited By: Muskan Dhami
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Joe Biden (X/JoeBiden)

Washington: US President Joe Biden, in a stirring farewell address from the Oval Office on Wednesday, issued a dire warning about the increasing concentration of power and wealth in America. He sounded the alarm about an "oligarchy" run by the ultrarich and expressed unease over the increasing threat to democracy, basic rights, and equal opportunities for all Americans by the "tech-industrial complex.".

"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, highlighting the dangers that come with unbridled power in the hands of a few.

Drawing analogies with the Eisenhower warning

He invoked the footsteps of former President Dwight D. Eisenhower, who famously warned about the "military-industrial complex" during his own farewell speech in 1961. Biden made an appeal for expanding upon this prophetic message: a burgeoning "tech-industrial complex."

“I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” Biden stated. He emphasized the need for vigilance as some of the world’s wealthiest individuals and tech moguls align themselves with political leaders, potentially jeopardizing the nation’s democratic foundation.

Billionaire influence and the tech elite

Biden pointed out growing tech giants and billionaires' roles in determining election outcomes. Some of the persons he mentioned were Elon Musk, who allegedly channeled over $100 million to support Donald Trump's re-election campaign; Mark Zuckerberg from Meta; and Jeff Bezos from Amazon, who have, in turn donated money and offered symbolic support for Trump.

The President called for a constitutional amendment to revoke immunity for sitting presidents, referencing the Supreme Court's 2023 decision granting Trump protections from criminal liability tied to his efforts to overturn his 2020 election loss.

A call to action for the future

As Biden prepares to hand over the office to Donald Trump when he takes office for the second term on Monday, he rallied Americans to maintain vigilance on democratic values while holding power leaders accountable. It is his parting address but a painful reminder of how daunting the tasks would be to help the country achieve its long-pursued aim in the times of unprecedented prosperity and technological power.

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