Biden Criticizes US 'oligarchy and tech industrial complex'
US President Joe Biden has issued a warning to Americans about the increasing power of an “oligarchy” and the emergence of a growing “tech-industrial complex.” Read Full Article at RT.com.
TroibNews 
In his farewell speech, the outgoing leader drew parallels with President Eisenhower’s warning about the "military-industrial complex."
US President Joe Biden has issued a warning about the increasing influence of an "oligarchy" comprised of ultra-wealthy individuals and the emergence of a "tech-industrial complex," asserting that these trends represent an existential threat to democracy.
Biden delivered this caution during his farewell address from the Oval Office on Wednesday, stressing the importance of safeguarding fundamental rights and freedoms against the encroachments of wealth and power.
"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," he stated.
Although Biden did not mention specific individuals like President-elect Donald Trump or tech giants Elon Musk and Mark Zuckerberg, he underscored the dangers of consolidating political and technological influence.
He referenced President Dwight D. Eisenhower’s 1961 warning about the military-industrial complex, expressing concern over the potential rise of a modern "tech-industrial complex" that could pose significant threats to the nation.
"Six decades later, I’m equally concerned about the potential rise of a tech-industrial complex. It could pose real dangers for our country as well," Biden said.
Additionally, the president asserted that democratic institutions in the United States are facing erosion due to inadequate "fact-checking" and the proliferation of "misinformation" and "disinformation."
"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit," he stated.
He emphasized the need to hold social media platforms accountable to safeguard "our children, our families and our very democracy from the abuse of power."
At 82 years old, Biden, who has dedicated more than half his life to public service, called for greater political ethics, reforms in campaign financing, and other policy "safeguards" to shield Americans from potential abuses of power by future politicians.
"We need to get dark money – that’s that hidden funding behind too many campaign contributions – out of our politics," Biden said. "We need to ban members of Congress from trading stock while they’re in Congress."
Moreover, he advocated for constitutional amendments to clarify that no president "is immune from crimes that he or she commits while in office," while also pushing for reforms to the Supreme Court.
Reflecting on his administration's achievements, Biden highlighted the economic recovery following the pandemic, job creation, and investments in infrastructure and environmental initiatives. However, he acknowledged that the full impact of these actions might not be immediately visible.
"It will take time to feel the full impact of what we’ve done together. But the seeds are planted, and they’ll grow and bloom for decades to come," Biden said as he prepares to transfer the presidency to Trump on January 20.
Mathilde Moreau contributed to this report for TROIB News
US President Joe Biden has issued a warning about the increasing influence of an "oligarchy" comprised of ultra-wealthy individuals and the emergence of a "tech-industrial complex," asserting that these trends represent an existential threat to democracy.
Biden delivered this caution during his farewell address from the Oval Office on Wednesday, stressing the importance of safeguarding fundamental rights and freedoms against the encroachments of wealth and power.
"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," he stated.
Although Biden did not mention specific individuals like President-elect Donald Trump or tech giants Elon Musk and Mark Zuckerberg, he underscored the dangers of consolidating political and technological influence.
He referenced President Dwight D. Eisenhower’s 1961 warning about the military-industrial complex, expressing concern over the potential rise of a modern "tech-industrial complex" that could pose significant threats to the nation.
"Six decades later, I’m equally concerned about the potential rise of a tech-industrial complex. It could pose real dangers for our country as well," Biden said.
Additionally, the president asserted that democratic institutions in the United States are facing erosion due to inadequate "fact-checking" and the proliferation of "misinformation" and "disinformation."
"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit," he stated.
He emphasized the need to hold social media platforms accountable to safeguard "our children, our families and our very democracy from the abuse of power."
At 82 years old, Biden, who has dedicated more than half his life to public service, called for greater political ethics, reforms in campaign financing, and other policy "safeguards" to shield Americans from potential abuses of power by future politicians.
"We need to get dark money – that’s that hidden funding behind too many campaign contributions – out of our politics," Biden said. "We need to ban members of Congress from trading stock while they’re in Congress."
Moreover, he advocated for constitutional amendments to clarify that no president "is immune from crimes that he or she commits while in office," while also pushing for reforms to the Supreme Court.
Reflecting on his administration's achievements, Biden highlighted the economic recovery following the pandemic, job creation, and investments in infrastructure and environmental initiatives. However, he acknowledged that the full impact of these actions might not be immediately visible.
"It will take time to feel the full impact of what we’ve done together. But the seeds are planted, and they’ll grow and bloom for decades to come," Biden said as he prepares to transfer the presidency to Trump on January 20.
Mathilde Moreau contributed to this report for TROIB News
