Biden warns of oligarchy threat, calls for reform measures
In his farewell address, U.S. President Joe Biden warned of the growing oligarchy that threatens democracy and freedoms in America. "Americans are buried under an avalanche of disinformation," he stated. The outgoing president called for constitutional reforms to limit the influence of the wealthiest.
U.S. President Joe Biden, in his farewell address to the nation, warned of the dangers posed by the expanding oligarchy in America. According to Biden, the concentration of wealth and power in the hands of a few individuals threatens democracy and fundamental civil freedoms.
There is a dangerous concentration of power in the hands of very few ultra-wealthy people. The consequences of their abuse of power, if left unchecked, are grave, the Polish Press Agency quoted the outgoing U.S. President as saying. Today in America, an oligarchy is forming that holds immense wealth, power, and influence, which literally threatens our entire democracy, our basic rights and freedoms, and opportunities for everyone, added Joe Biden.
Biden pointed to the influence of billionaires from the technology and social media sectors, such as Elon Musk and Mark Zuckerberg, who have grown close to the future president, although he did not mention their names. The U.S. President called for holding social media accountable, to protect democracy, children, and families. He spoke about the development of artificial intelligence, which presents both opportunities and threats.
Americans are buried under an avalanche of disinformation enabling abuses of power. The free press is collapsing. Social media is abandoning fact-checking. Truth is being suppressed by lies for power and profit, quoted PAP from Biden.
Biden’s reform proposals. He wants to abolish presidential immunity
In his address, Biden proposed a series of reforms aimed at limiting the influence of the wealthiest. These included tax system reforms and campaign finance laws, to eliminate "dark money".
Biden would also like to limit the lifetime terms of Supreme Court justices to 18 years. The president also proposed a ban on stock trading for congress members and the adoption of a constitutional amendment abolishing the immunity granted to presidents by the Supreme Court to "make it clear that no president has immunity from committing crimes while in office", added PAP.
During the address, Biden also summarised his achievements, including creating a record number of jobs, investments in infrastructure and energy transformation, and support for Ukraine in defending against Russian aggression. The President expressed hope that his actions will bring long-term benefits to the country. "Now it’s your turn to stand guard. May you all be keepers of the flame," concluded Biden.
