Biden warns of growing oligarchy and stresses democracy in farewell speech

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President Joe Biden delivered his farewell address on Wednesday evening, reflecting on his four-year presidency and offering a warning about the direction he believes the nation is heading.

Speaking from the Oval Office, Biden described his legacy as one of rebuilding and transformation, but focused much of his speech on concerns about the future of American democracy and society.

Biden warned of the growing concentration of power in the hands of a small group of ultra-wealthy individuals, calling it a "dangerous" trend that could lead to the emergence of an "oligarchy."

He pointed to the historical example of "robber barons" and stressed the importance of holding the wealthy accountable, asserting that the U.S. must return to a system where everyone plays by the same rules.

While he did not name specific individuals, his comments seemed directed at figures like former President Donald Trump and entrepreneur Elon Musk.

 

 

 

 

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The president also expressed concern over the role of social media and technology companies in spreading misinformation and disinformation.

He urged for accountability and called for social platforms to be held responsible for the harm they cause to society, particularly in terms of undermining the free press and spreading falsehoods for profit.

In his speech, Biden also highlighted several accomplishments of his administration, including lowering prescription drug prices for seniors, passing gun safety laws, and assisting veterans with healthcare.

He also pointed to foreign policy achievements, such as strengthening NATO and supporting Ukraine in its ongoing conflict with Russia.

Biden addressed the potential risks and opportunities posed by artificial intelligence, emphasizing the need for safeguards to ensure that AI benefits society while protecting privacy and rights.

He argued that the U.S. must lead the development of AI to prevent other nations, particularly China, from taking control of this critical technology.

Reflecting on the state of American democracy, Biden encouraged citizens to remain engaged in the political process and to continue fighting for a fair and just society.

He stressed the importance of respecting democratic institutions, such as the presidency, Congress, the courts, and the free press, which have sustained the nation for nearly 250 years.

Photo: Outgoing U.S. President Joe Biden delivers a farewell address to the nation from the Oval Office in the White House. Reuters

In his closing remarks, Biden expressed optimism about the future, urging Americans to "stand guard" and protect the ideals that the nation was founded on.

He concluded by affirming his belief in the nation's values and wishing well for the American people and military.

Biden’s farewell address comes as he prepares to leave office after a single term, having faced both significant domestic and international challenges.