US President Joe Biden highlights formation of ‘oligarchy’ in his farewell address
Washington: In his parting speech from the Oval Office on Thursday, US President Joe Biden emphasized the creation of an ‘oligarchy.’.
Biden cautioned that the concentration of riches in a small number of hands would allow them to misuse their influence.
“I want to raise some serious concerns with the nation in my farewell speech tonight. The dangerous concentration of power in the hands of a small number of extremely wealthy individuals, as well as the dire repercussions if their abuse of power is allowed to continue, are what make this dangerous. America is currently seeing an oligarchy of great wealth, power, and influence that truly threatens our democracy, our fundamental liberties, and everyone’s ability to succeed. The repercussions are evident throughout the United States. He added, “And we’ve seen it before.”
According to Biden, making the wealthy pay equitably rather than punishing them is the answer.
“The American people overcame the robber barons and broke up the trusts more than a century ago. The rich were not punished. They simply forced the rich to follow the same rules as everyone else. Employees desire the ability to earn their fair share. They were thrown into the bargain, and it helped set us up for the most affluent century any country has ever had and the development of the largest middle class. “We must repeat that,” he stated.
Biden emphasized the need for the rich to pay their fair share of taxes.
“That is precisely what we have done over the past four years. Individuals should be allowed to earn as much as they like, but they should also pay their fair amount of taxes and follow the same regulations. There’s so much on the line,” he remarked.
In addition, Biden emphasized the dangers posed by climate change and claimed to have signed the most important bill in history on the subject.
“The existential threat posed by climate change is more evident than ever right now. Simply glance across the nation, from North Carolina to California. That is the reason I signed the world’s most important clean energy and climate bill ever. Now, the rest of the world is attempting to emulate it. It’s productive, generating future industries and jobs. We have now demonstrated that environmental preservation and economic expansion are not mutually exclusive. He stated, “We’re doing both.”
The ‘powerful forces’ are using their influence to undo the efforts made to address the climate catastrophe, he continued.
“However, in order to further their own agendas for profit and power, strong forces wish to use their unbridled influence to undo the efforts we’ve made to address the climate issue. The future—the future of our children and grandchildren—must not be sacrificed because of bullying. We need to keep moving forward and do it more quickly. Time is of the essence. It is also evident that American technological leadership is unmatched, a source of invention that has the power to change people’s lives. The concentration of wealth, power, and technology presents the same risks, he stated.
Biden cited former US President Dwight D. Eisenhower, who discussed the military-industrial complex and cautioned against “misplaced power.”
“You know, President Eisenhower mentioned the perils of the military-industrial complex in his parting speech. I paraphrase him when he says, “The potential for the disastrous rise of misplaced power.” Six decades later, I’m just as worried about the emergence of a tech-industrial complex that might endanger our nation,” he stated.
Biden issued a warning about the dangers of false information and a restricted press.
“A tsunami of false information and disinformation is burying Americans and allowing power abuse. The free press is in disarray. Editors are going extinct. Fact-checking on social media is being abandoned. Lies propagated for financial gain and power stifle the truth. To prevent power abuse and save our children, families, and democracy itself, we must hold social media companies responsible. In the meantime, he claimed that artificial intelligence was the most important technological advancement of our time, if not of all time.
