In his farewell address to the nation, US President Joe Biden issued a stark warning about the rising concentration of wealth and power in the hands of a few ultra-wealthy individuals, cautioning that this growing oligarchy threatens the very foundation of American democracy.
Speaking from the Oval Office, Biden expressed deep concern over what he described as a “dangerous concentration of power” that undermines basic rights, freedoms, and economic opportunities for ordinary Americans.
“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 declared.
Drawing historical parallels, Biden likened the current economic landscape to the era of the robber barons in the early 20th century when unchecked corporate monopolies dominated American industry. He praised past generations for standing up to economic elites, implementing antitrust reforms, and creating a more balanced economy that fostered the growth of the American middle class.
“They didn’t punish the wealthy. They just made the wealthy play by the rules everybody else had to,” Biden said. “Workers won rights to earn their fair share. They were dealt into the deal, and it helped put us on the path to building the largest middle class and the most prosperous century any nation the world has ever seen.”
Biden stressed the need for renewed action to curb the influence of billionaires and corporate giants, advocating for reforms to ensure economic fairness. “People should be able to make as much as they can, but play by the same rules and pay their fair share in taxes,” he emphasized.
The president highlighted several steps he believes are necessary to address the growing influence of wealth in politics and governance. These include reforming the tax code to prevent billionaires from receiving disproportionate tax breaks, eliminating dark money from political campaigns, imposing term limits and stronger ethics rules for the Supreme Court, and banning stock trading by sitting members of Congress.
Biden also called for a constitutional amendment to ensure that no president is immune from prosecution for crimes committed while in office, underscoring his belief that no leader should wield unchecked power.
Beyond wealth concentration, Biden voiced concern over the unchecked power of large technology companies and the spread of misinformation. He warned of the emergence of a “tech-industrial complex” that could mirror the dangers once posed by the military-industrial complex, threatening both democracy and public trust.
“Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power,” Biden said. “The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit.”
Biden urged accountability for social media platforms and emphasized the need for safeguards to ensure that emerging technologies, particularly artificial intelligence, serve the public good rather than deepen inequality or threaten privacy and security.
Closing his address, Biden appealed to the American people to remain vigilant and engaged in the democratic process. “In a democracy, there’s another danger to the concentration of power and wealth. It erodes a sense of unity and common purpose. It causes distrust and division. Participating in our democracy becomes exhausting and even disillusioning, and people don’t feel like they have a fair shot,” he warned.
