Biden warns of oligarchy's threat in farewell address
President of the United States, Joe Biden, in his farewell address, warned against the growing oligarchy that threatens democracy and freedoms in America. He called for constitutional reforms to limit the wealthiest individuals' influence and remove presidential immunity.
On 15 January, US President Joe Biden delivered a farewell address to the nation. In it, he highlighted the danger posed by a growing oligarchy in America. According to the 46th President of the United States, the concentration of wealth and power in the hands of a few threatens democracy and fundamental civil freedoms.
Biden emphasised that the current situation resembles the era of monopolist industrialists at the turn of the 19th and 20th centuries.
The outgoing president pointed to the influence of billionaires in the technology and social media sectors, such as Elon Musk and Mark Zuckerberg, who have allied themselves with the incoming president. He compared this to Dwight Eisenhower's warnings about the "military-industrial complex".
- The free press is crumbling (...) Social media platforms are abandoning fact-checking. Truth is being overshadowed by lies for power and profit - said Biden, calling for social media to be held accountable to protect children, families, and democracy.
The Democrat added that while the development of artificial intelligence brings great opportunities, it also holds significant potential to threaten "our way of life, privacy, work methods, and national security". He stressed the importance of America, rather than China, in shaping AI.
Joe Biden's farewell proposals
In his speech, Biden called for a range of reforms aimed at limiting the influence of the wealthiest. He proposed reforms to the tax system, changes to campaign finance laws, and limiting the terms of Supreme Court justices to 18 years. The president also suggested introducing a constitutional amendment to abolish presidential immunity.
During the address, Biden also summarised his achievements, including record investments in infrastructure, energy transformation, and support for the semiconductor industry.
The outgoing president also mentioned support for Ukraine in defending against Russian aggression and the strengthening of NATO. - I still believe in the ideals this nation stands for - concluded Biden, urging Americans to defend democracy.
