Biden warns of dangers of ‘oligarchy’ of ultra-rich, ‘tech-industrial complex’ running country – OPB
President Joe Biden delivered a powerful farewell address to the nation on Wednesday from the Oval Office, warning Americans about the dangers of rising oligarchy and the potential risks posed by a burgeoning “tech-industrial complex.” The speech marked a poignant conclusion to Biden’s decades-long public service career as he prepares to hand over power to President-elect Donald Trump on Monday.
Biden used the opportunity to issue a stark message, emphasizing the need to safeguard democracy against the undue influence of the ultra-wealthy and large tech corporations. His words echoed President Dwight Eisenhower’s 1961 caution about the “military-industrial complex.”
Biden declared, “An oligarchy of extreme wealth, power, and influence is emerging in America. It threatens democracy, basic freedoms, and equal opportunity. If left unchecked, this concentration of power could undermine everything we stand for.” He expressed similar concerns about the tech industry, warning that a “tech-industrial complex” could jeopardize civil liberties and democratic institutions.
The address underscored Biden’s concerns about a nation at a crossroads during rapid technological and economic changes. He noted how billionaires like Elon Musk and tech executives, including Mark Zuckerberg and Jeff Bezos, have aligned with Trump, using their resources to shape policy and wield influence. Musk, for instance, contributed over $100 million to support Trump’s campaign and administration.
Biden’s farewell also served as a reminder of his legislative achievements and the challenges that defined his presidency, including inflation, global conflict, and domestic polarization. While celebrating a ceasefire agreement between Israel and Hamas announced earlier that day, Biden acknowledged the slow realization of the benefits of his domestic policies.
“Change takes time, but the seeds we’ve planted will grow and bloom for years to come,” he said. Despite these successes, public discontent and misinformation on social media, a concern Biden addressed directly, have overshadowed his efforts. He criticized tech platforms for stepping back from fact-checking, contributing to public confusion and distrust.
As Biden steps away from public office, he proposed significant reforms to address the issues he raised. These include taxing billionaires fairly, limiting dark money in politics, implementing term limits for Supreme Court justices, and banning stock trading by members of Congress. However, he acknowledged his limited progress on these goals during his presidency.
Biden’s departure comes as his political influence wanes. After initially seeking reelection, he dropped out of the race following a debate stumble against Trump, paving the way for Vice President Kamala Harris to lead the Democratic ticket.
The farewell address also reflected on Biden’s personal journey and legacy. He highlighted his commitment to a peaceful transition of power, contrasting it with Trump’s controversial record, including attempts to overturn the 2020 election. Biden called for constitutional changes to hold presidents accountable during their terms, referencing a Supreme Court ruling that granted Trump broad immunity.
Speaking from the Resolute Desk, surrounded by family photos, Biden acknowledged his family, including First Lady Jill Biden and his grandchildren, who watched the speech. He expressed gratitude for his partnership with Harris, describing her as family, a sentiment visibly shared by those in attendance.
Biden’s final address was both a call to action and a reflection on his enduring belief in the American democratic experiment. It marked the end of an era for a man who first entered the Senate at 30 and rose to become vice president and then president, leaving a legacy shaped by resilience, advocacy, and an unwavering commitment to unity.
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