Official announcements from the U.S. Department of Justice or Federal Trade Commission

Biden Warns of Oligarchy and 'Tech-Industrial Complex' Threatening Democracy

Jan 16, 2025, 01:27 AM

President Joe Biden used his farewell address from the Oval Office to warn of a growing oligarchy in America, citing a dangerous concentration of power among a few ultra-wealthy individuals. Declaring, "I want to warn the country of some things that give me great concern," he emphasized that this oligarchy of extreme wealth, power, and influence threatens the nation's democracy, basic rights, freedoms, and a fair shot for everyone to get ahead. Biden stressed the need to "get that dark money out of our politics." Drawing parallels to President Eisenhower's 1961 'military-industrial complex' speech, he highlighted the risks posed by a 'tech-industrial complex' and the crumbling of a free press, noting that facts are being overwhelmed by lies. He urged that the abuse of power by these entities must not be left unchecked.