Biden warns of growing US oligarchy and tech industry threat to democracy “`

In his farewell address, President Biden echoed President Eisenhower’s warning about the “military-industrial complex.”

President Biden warned of a growing threat to American democracy: the undue influence of a wealthy oligarchy and a powerful tech-industrial complex. In his Wednesday Oval Office speech, he stressed the urgent need to safeguard fundamental rights and freedoms from the grip of concentrated wealth and power.

“An oligarchy of immense wealth, power, and influence is emerging in America, jeopardizing our democracy, our basic rights, and everyone’s chance at success,” he declared.

While avoiding specific names, Biden highlighted the dangers of concentrated power in both politics and technology.

Comparing the situation to President Eisenhower’s 1961 warning about the military-industrial complex, Biden expressed similar concerns about a modern “tech-industrial complex,” emphasizing its potential threat to the nation.

“Sixty years later, I share similar concerns about the potential rise of a tech-industrial complex. It could pose significant dangers to our country,” Biden stated.

The president also attributed the erosion of democratic institutions to insufficient fact-checking and the proliferation of misinformation and disinformation.

“Americans are overwhelmed by misinformation and disinformation, facilitating abuse of power. The free press is weakening. Social media is abandoning fact-checking. Truth is being suppressed by lies spread for power and profit,” he asserted.

“We must hold social media platforms accountable to protect our children, families, and democracy from power abuses,” he added.

The 82-year-old president, a long-time politician, advocated for ethical reforms, campaign finance overhauls, and other safeguards to prevent future abuses of power.

“We need to eliminate dark money—the hidden funding behind numerous campaign contributions—from our politics,” Biden said. “We need to prohibit members of Congress from trading stocks while in office.”

“We need a constitutional amendment clarifying that no president… is immune from crimes committed while in office,” he added, also urging Supreme Court reforms.

Reflecting on his administration’s achievements, Biden cited economic recovery from the pandemic, job growth, and investments in infrastructure and environmental initiatives. He acknowledged, however, that the full impact of these efforts might not be immediately visible.

“The full effects of what we’ve accomplished together will take time. But the foundation is laid, and the results will unfold for decades to come,” Biden said as he prepared to leave office on January 20.