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Biden Warns of Rising Oligarchy Threat in Farewell Address

January 16, 2025

 

Outgoing U.S. President Joe Biden has warned of a dangerous oligarchy emerging in America, cautioning against extreme wealth and unchecked influence threatening the country’s democracy.

Speaking from the Oval Office during his farewell address on Wednesday, Biden, 82, expressed concern about the growing power of a “tech-industrial complex” and its impact on fundamental rights and freedoms. He specifically pointed out the influence of ultra-wealthy figures and corporations, highlighting risks posed by social media disinformation and climate change denial.

“The truth is being smothered by lies told for power and profit,” Biden stated, while criticizing Meta for discontinuing independent fact-checking on its platforms.

Reflecting on his administration’s accomplishments, Biden cited achievements in job creation, infrastructure investments, healthcare improvements, and pandemic recovery efforts. He acknowledged that while the full impact of these initiatives might take years to materialize, he remained confident in their long-term benefits.

However, the outgoing president tempered his reflections with warnings about ongoing challenges, particularly emphasizing climate change. He accused powerful interests of attempting to roll back his environmental policies for personal gain.

Biden also appeared to criticize wealthy tech executives, indirectly referencing Elon Musk and other influential figures like Jeff Bezos and Mark Zuckerberg for aligning with the incoming administration of Donald Trump.

His address coincided with the announcement of a ceasefire agreement between Israel and Hamas, scheduled to take effect on January 19, which Biden described as one of the most difficult negotiations of his presidency.

Written by Adeyemi Adewale




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