In his farewell address, outgoing US President Joe Biden warned of a growing influence of an “oligarchy of the super-rich, taking root in the US” and an emerging technologically-industrial complex, which he believes poses an existential threat to democracy.
Biden, accompanied by his family members and former presidential candidate Kamala Harris, delivered the speech in the Oval Office, where he has been preparing to hand over the reins to the designated president, Donald Trump, on Monday next week.
The outgoing president began his speech by urging Americans to come together, but quickly warned of a concentration of wealth in the United States. He cautioned that this concentration of power and wealth in the hands of a few extremely rich individuals poses a threat to the country’s democracy, fundamental rights, and the fair chance for everyone to succeed.
Biden warned of a “dangerous concentration of power in the hands of a few very rich people” and emphasized the need to protect the fundamental rights and freedoms of citizens. He did not mention specific individuals, including the designated president, tech moguls, or philanthropists, but highlighted the growing risks of uncontrolled power abuse.
In alluding to President Dwight D. Eisenhower’s warning of the military-industrial complex, Biden expressed similar concerns about the emerging technologically-industrial complex, which he believes could pose real threats to the country.
The president also criticized the erosion of democratic institutions in the United States, citing the spread of misinformation and disinformation, and the decline of fact-checking on social media. He urged the need for social media platforms to be held accountable to protect children, families, and democracy from the abuse of power.
Biden called for a “political ethics” and reforms in election financing, as well as increased political safeguards to protect Americans from the abuse of power by politicians. He explicitly addressed his successor, stating that the US Constitution must be amended to clarify that no president is above the law for crimes committed during their term in office.
The president also emphasized the need to abolish the tax breaks for billionaires, ensure that they pay their fair share, and prevent the flow of hidden funds in political campaigns. He proposed a 18-year term limit for Supreme Court justices and a ban on congressional members’ stock trading while in office.
In his closing remarks, Biden reflected on the economic recovery, job creation, and investments in infrastructure and environmental policy during his administration. He acknowledged that the full impact of these efforts would take time to manifest, but expressed optimism that the seeds of change would continue to grow and flourish in the years to come.