Oligarchy Taking Shape In America," Says President Joe Biden In Farewell Address

United States News: During Joe Biden Farewell Speech, Outgoing he cautioned Americans about the unprecedented wealth and power that only a couple of individuals possess in the United States and called on them to "stand guard" against the perils of oligarchs, disinformation and AI in a probable Donald Trump administration as he delivered a farewell address on Wednesday, February 02, just before vacating the office next week.

The Joe Biden white house, in a brief speech from the Oval Office, emphasized his accomplishments of recovering the US economy from the disastrous crisis caused by the Covid-19 pandemic and said that he had made the nation's alliances abroad stronger. As a subtle allusion to the incoming President Trump's connections to billionaire Elon Musk and other businessmen, he mentioned that the "oligopoly" had become a reality, and "a dangerous concentration of power" was one of the threats from tech companies to society.

"Oligarchy, now, is a fact in America of super wealthy people, who have the ultimate influence. Such people represent a significant danger to our entire democracy, our fundamental human rights, freedom and the opportunity for everyone to make it,"

" Remembering former president Dwight Eisenhower's warning, in his farewell address of 1961, about the peril of the military-industrial complex running amok, US President Joe Biden said, "I'm also worried about the tech industrial complex's potential rise." The POTUS also admitted that Americans are more susceptible to misinformation while speaking against the background of the deteriorating press freedoms.

A "sinking" media means sustainability of a person is the last thing the person is engaged in. "Americans are basically submerged under the deluge of misinformation and disinformation which has led to the abuse of power," he said, adding that "the free press is crumbling. Editors are disappearing."

Moreover, he talked about the lack of integrity on social media. He commented that "Real news vanishes leaving only the false propaganda. The reason is that some are powerful and profitable. Social media giants must be held accountable if they want to protect our kids, our families, and our democracy from the abuse of power," he said.