Official records from the United States Congress

President Biden Warns of Oligarchy and 'Tech-Industrial Complex' Threatening U.S. Democracy

Jan 16, 2025, 01:37 AM

President Joe Biden delivered his farewell address to the nation from the Oval Office on Wednesday night, warning that an 'oligarchy' of ultra-wealthy individuals is taking shape in America, posing a threat to democracy. "Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said. He expressed concern over the dangerous concentration of power in the hands of a few ultra-wealthy people and the rise of a 'tech-industrial complex' infringing on Americans' rights. Biden cautioned that the "free press is crumbling," and facts are being overwhelmed by lies, urging vigilance against the abuse of power and calling for efforts to address growing disparities that undermine democratic institutions.