President Biden warns of the rise of a new American "oligarchy"

 

President Joe Biden used his final address from the Oval Office to deliver a somber warning about the threat posed by the “dangerous concentration of power” in the hands of wealthy and well-connected individuals, a thinly veiled reference to billionaire technology executives who have been increasingly signaling their desire to work closely with President-elect Donald Trump.

“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 during his farewell speech, days before he steps down from a four-year presidency and a lifetime in public office. “We see the consequences all across America, and we’ve seen it before.”

Biden likened the current crop of tech moguls to the “robber barons” of the 19th century, men like John D. Rockefeller and Andrew Carnegie. Recalling President Dwight D. Eisenhower’s farewell address warning about the military-industrial complex, Biden decried a “tech-industrial complex that could pose real dangers to our country.”

The stark comparisons underscored how a president who has often heralded the “possibilities” afforded by America and proclaimed himself an enduring optimist is ending a 50-year career in public service with deep concerns that the nation’s promise is being eroded by its wealthiest citizens. Biden spoke from a storied location that in five days is to be occupied by Biden’s major political adversary, a man he has described as a threat to democracy and unfit for the presidency.

Tech executives have been visiting and dining with Trump at his Mar-a-Lago estate and donating millions to his inaugural committee. Tech moguls Jeff Bezos, Elon Musk and Mark Zuckerberg are planning to attend Trump’s inauguration Monday, with prime seating on the dais that illustrates deepening ties between the nation’s top technology leaders and the incoming administration. (Bezos, the founder of Amazon, owns The Washington Post.)

Biden’s speech capped a career in which he experienced tragedy and triumph while scaling the heights of political power. His dark tone aligned with the humbling note on which Biden’s career is ending, as his political nemesis surges back into power and pledges to take a wrecking ball to much of Biden’s legacy…

The Washington Post, by Toluse Olorunnipa  and Cleve R. Wootson Jr.