Oligarchy taking shape in America, warns Biden in his farewell address

Washington, Jan 16: 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 “Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said, referencing Mark Zuckerberg’s recent announcement his company Meta would stop fact-checking on its social media platforms such as Facebook.
“The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking,” Biden said.
“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 said.
“We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power,” said the president.
Noting that unless safeguards are in place, Artificial Intelligence (AI) could spawn new threats to human rights, way of life, privacy, how they work and how to protect the nation.
As the land of liberty, America, not China, must lead the world in the development of AI, he said.
Biden listed out some of the key achievements of his administration in the last four years.
“You know, it will take time to feel the full impact of all we’ve done together, but the seeds are planted,” he said. (AP)