US President Joe Biden, speaking from the Oval Office for the last time on Wednesday, the 15th of January, as he prepared to hand the White House to Donald Trump, warned in a grim farewell speech of the rise of an “oligarchy” in America that threatens the country’s democracy and expressed a series of concerns about the country’s future, calling on Americans to defend US institutions against “powerful forces” that seek to reshape the pillars of society, reports Politico.
Donald Trump will take control of the White House on the 20th of January.
“An oligarchy is taking shape in America, with enormous wealth, power and influence, that literally threatens our democracy, our fundamental rights, our freedom and a fair chance for everyone to succeed,” said Biden. “We must not be bullied into sacrificing our future, the future of our children and grandchildren.”
In his speech, which was about 15 minutes long, Biden did not mention Trump by name, nor did he specify any of the “ultra-rich people” he considers a threat to democracy.
But he called for the constitution to be amended “to make it clear that no president is immune from crime”, referring to last year’s Supreme Court ruling that Trump was immune from accountability for actions he took in an attempt to overturn the 2020 election results.
Billionaire Elon Musk has been a constant ally of Trump before his return to office, as well as now, and in recent weeks other prominent figures such as Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos have also sought to cozy up to the President-elect.
But the stark warning was an unusual farewell speech, traditionally an opportunity to highlight achievements and express confidence about the future – a sign that Biden still has deep concerns about handing the presidency to Trump.
Comparing today’s challenges to the era of 19th century robber barons, Biden predicted that the nation will once again have to take ambitious measures to rein in the wealthy, including raising taxes on the wealthy and removing dark money from politics.
He singled out the technology sector, criticising social media platforms for allowing Americans to be “buried under an avalanche of misinformation and disinformation that enables the abuse of power”.
“Social media are abandoning fact-checking,” Biden said, seemingly referring to Zuckerberg’s decision to show favour to Trump by cancelling his company’s fact-checking operation. “The truth is stifled by the lies that are spread in the name of power and profit.”
According to Reuters, the shares of seven major US technology companies, including Apple, Tesla, Nvidia and Meta, have risen 46% in the last year, outperforming the S&P 500 stock index. One Wall Street analyst has dubbed the group the “Magnificent Seven”.
But Biden also expressed pride in the achievements, including the improving economy and the ceasefire agreement between Israel and Hamas.
However, he repeatedly returned to the importance of protecting democracy and American institutions.
Biden reminded Americans that the president’s powers are limited and called on them to be engaged despite political frustration, reaffirming his faith in the ideals of the nation.
“Now it is your turn to stand guard,” Biden concluded.