Biden cautions of ‘oligarchy’
Date
1/19/2025 7:20:45 AM
(MENAFN) In his farewell address from the Oval Office, US President Joe Biden raised concerns about the increasing influence of an oligarchy of ultra-wealthy individuals and a rising “tech-industrial complex,” which he described as a threat to democracy. Biden warned that the concentration of power, wealth, and influence poses a danger to Americans' basic rights and freedoms, drawing comparisons to President Dwight D. Eisenhower's 1961 warning about the military-industrial complex.
Although Biden did not name specific individuals, he pointed to the growing consolidation of Political and technological power, urging accountability for social media platforms and stressing the need for reforms to combat misinformation and political corruption. He also advocated for measures like banning stock trading by Congress members and reforming campaign financing.
Reflecting on his presidency, Biden cited economic recovery, job creation, and infrastructure investments as achievements, acknowledging that the full impact of his administration's efforts would take time to unfold.
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