Speaking from the Oval Office as he prepares to hand over power to President-elect Donald Trump on Monday, Biden sounded the alarm over the accumulation of power and wealth in the hands of ‘a small number.
“Today, an oligarchy of extreme wealth, power and influence is taking shape in America and is literally threatening our entire democracy, our fundamental rights and freedoms, and everyone’s fair chance to advance. “, launched Mr. Biden, drawing attention to “a dangerous concentration of power in the hands of a few ultra-rich people”. “The consequences are dangerous if their abuse of power goes unchecked.”
Invoking President Dwight Eisenhower’s warnings against the military-industrial complex when he left office, he added: “I am equally concerned about the potential rise of a techno-industrial complex that could also represent a real danger to our country.”
Mr Biden warned as some of the world’s richest individuals and tech industry titans flocked to Mr Trump’s side in recent months, particularly after his victory in November. Billionaire Elon Musk spent more than $100 million to help Mr. Trump get elected, and executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos donated to Mr. Trump’s inauguration committee and made a pilgrimage to Mr. Trump’s private club in Florida to speak with the president-elect.
Mr. Biden also called for a constitutional amendment to end immunity for sitting presidents, after the Supreme Court last year granted Mr. Trump sweeping protections from criminal liability for his role in the attempt to undermine his 2020 defeat to Mr. Biden.
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