Joe Biden warns of dangerous “oligarchy” in the USA

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Lerato Khumalo

“Dangerous concentration of power”

Biden warns of oligarchy in America in farewell speech


Updated on 01/16/2025 – 07:48 amReading time: 2 minutes

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Outgoing US President Joe Biden gave his last official speech to the nation from the White House: A reckoning with Musk, Bezos and Co. (Source: via REUTERS/dpa-bilder)

Surprising reckoning: In his farewell speech, Joe Biden warned of the dangers of concentrating power in the hands of the wealthy few.

Joe Biden gave his last speech to the nation – and it was bleak: The outgoing president warned that an “oligarchy” was emerging in the USA under his successor Donald Trump. He pointed to a “dangerous concentration of power in the hands of a few very wealthy people” and warned of an ultra-wealthy “tech-industrial complex” that could gain uncontrolled power over the US population.

An “oligarchy” of “extreme wealth, power and influence” is taking shape in the country, which “literally threatens our entire democracy,” said the 82-year-old Democrat in his address broadcast live on television from his office in the White House a few days earlier the swearing in of Trump. “This is a dangerous concentration of power in the hands of a few very wealthy people.”

Biden also directed his criticism at online networks. US citizens are being buried under “an avalanche of misinformation and disinformation that enables the abuse of power,” Biden continued.

The world’s richest man, Elon Musk, who owns the short message service X, will play a key role in Trump’s government. The future US president made Musk co-head of a future Department of Efficient Government (DOGE). Meta boss Mark Zuckerberg has also been wooing the Republican for a while.

Democrat Biden claimed to have achieved economic growth while protecting the environment: “We are doing both, but powerful forces want to use their uncontrolled influence to eliminate the steps we have taken to address the climate crisis. “

However, he ended his farewell speech on an optimistic note: “To you, the American people, after 50 years of public service, I give my word. I still believe in the idea for which this nation stands. A nation in which the strength of our Institutions and the character of our people are important and must endure.” Biden warned: “Now it is your turn to stand guard. May you all be the keepers of the flame.”

Joe Biden initially ran for re-election last year, but then withdrew from the presidential race in July due to his advanced age.

Previously, because of his confusing appearance in the TV duel with Trump, pressure from the Democratic ranks had increased on the President to forego his candidacy. Instead of Biden, Vice President Kamala Harris ran, but on November 5th, Republican former President Trump won the election.

In a letter published on Wednesday before the speech, Biden did not mention Trump by name, but continued his election campaign in which he had branded the right-wing populist as a threat to US democracy. “I ran for president because I believed that the soul of America was at stake. (…) And that is still the case,” he explained.