Biden warns of 'oligarchy' in US taking away Americans' 'rights and freedoms'
President Joe Biden expressed concern about the purported existence of an “oligarchy” in the United States that he claimed is eroding the “rights and freedoms” of the American people during his farewell address to the nation.
In his speech on Wednesday evening, the 82-year-old Biden reflected on his 50 years in politics and touted the purported accomplishments of his four years as president, and wished the incoming Trump administration well.
Biden also warned about what he called “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.”
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“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,” he continued.
Biden compared this “oligarchy” to the “robber barons” of 19th century America, noting that such wealthy figures were checked in their power through antitrust efforts and other reforms.
Biden also expressed concern about what he called a “tech industrial complex,” believing that “Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power.”
“The free press is crumbling,” he said. “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.”
Biden added that “safeguards” are needed for Artificial Intelligence, calling it “the most consequential technology of our time,” believing that “America, not China, must lead the world in the development of AI.”
The president went on to thank various members of his administration, first respondents and members of the U.S. military for their hard work. He closed by telling the American people that “now, it’s your turn to stand guard.”
“May you keep the faith,” Biden concluded. “I love America. You love it, too. God bless you all. May God protect our troops. Thank you for this great honor.”
Biden was elected in November 2020, becoming the second Catholic to assume the office. In January 2021, at age 78, he became the oldest person to be sworn in as commander-in-chief.
Biden garnered controversy for promoting pro-choice policies after Roe v. Wade was overturned and his support for LGBT advocacy, like requiring public entities to support body-mutilating trans surgeries for children.
He also received backlash for his handling of the withdrawal from Afghanistan, the illegal immigration crisis at the U.S. Southern border, and inflation with the high cost of everyday goods.
Although Biden had enough delegates to secure the Democratic nomination for president last year, questions abounded if the then-81-year-old Biden was mentally fit to serve another term.
Following a widely panned debate performance against Trump last July, Biden posted a statement announcing that he was dropping out of the race and would instead “focus all my energies on my duties as President for the remainder of my term.”
Biden endorsed Vice President Kamala Harris for the Democratic nomination for president. Although she was installed as the party's nominee, she subsequently lost to Republican candidate and former President Donald Trump in the election last November.
Earlier this month, Gallup released a poll finding that 54% of respondents said they think history will judge Biden unfavorably, with 37% labeling it “below average” and 17% “poor.”
Twenty-six percent of respondents felt that Biden will be regarded as “average,” 13% felt that he will be considered “above average” and 6% thought he will be considered “outstanding.”
