Biden warns of oligarchy threat, urges democracy reforms
In his farewell address, the President of the United States, Joe Biden warned of the growing oligarchy that threatens democracy and freedoms in America. He called for constitutional reforms to limit the wealthiest people's influence and revoke presidents' immunity.
President Joe Biden delivered a farewell address to the nation on January 15. In it, he warned about the danger posed by the growing oligarchy in America. According to the 46th head of the United States, the concentration of wealth and power in the hands of a few threatens democracy and basic civil liberties.
Biden emphasized that the current situation resembles the era of industrial monopolists at the turn of the 19th and 20th centuries.
The outgoing president pointed to the influence of billionaires from the technology and social media sectors, such as Elon Musk and Mark Zuckerberg, who have become influential in political circles. The president compared this influence to Dwight Eisenhower's warnings about the "military-industrial complex."
- The free press is crumbling (...) Social media is abandoning fact-checking. Truth is being suppressed by lies for power and profit, - said Biden, urging for social media to be held accountable to protect children, families, and democracy.
The Democrat added that although the development of artificial intelligence offers great opportunities, it also has significant potential to threaten "our way of life, privacy, ways of working, and how we protect our nation". He stressed that it is crucial for AI to be shaped by America rather than China.
Joe Biden's parting proposals
In his speech, Biden called for a series of reforms aimed at limiting the influence of the wealthiest. He proposed, among other things, tax system reforms, changes in campaign finance law, and limiting Supreme Court justices' terms to 18 years. The president also suggested introducing a constitutional amendment to eliminate presidential immunity.
During his address, Biden also summarized his achievements, including record investments in infrastructure, energy transformation, and support for the semiconductor industry.
The outgoing president also mentioned supporting Ukraine in its defense against Russian aggression and strengthening NATO. - I still believe in the ideals this nation stands for - concluded Biden, urging Americans to defend democracy.
