An oligarchy is taking shape in America of extreme wealth, power and influence that threatens our entire democracy, Joe Biden says in farewell speech

US President Joe Biden expressed his deep concerns about the state of American democracy during his farewell address to the nation on Wednesday, January 15.

In a poignant 16-minute speech delivered from the Oval Office, Biden emphasized the dangers he perceives.

While refraining from naming individuals directly, he hinted at Donald Trump and his affluent advisors as significant threats to the freedoms of the American people.

Biden cautioned that “an oligarchy is emerging in America, characterized by extreme wealth, power, and influence that poses a direct threat to our democracy.”

He referenced the farewell address of Republican President Dwight Eisenhower in 1961, who warned of a “military-industrial complex” gaining power in Washington. Biden identified the current challenge as a “tech-industrial” complex.

“Americans are overwhelmed by a flood of misinformation. Journalistic integrity is fading. Social media platforms are neglecting their responsibility to fact-check. The truth is being overshadowed by falsehoods propagated for power and profit,” he stated. “We must demand accountability from social media platforms to safeguard our children, our families, and the very fabric of our democracy.”

Some of the wealthiest individuals globally — including Elon Musk, the head of SpaceX and Tesla and the owner of the platform formerly known as Twitter; Facebook’s Mark Zuckerberg; and Amazon’s Jeff Bezos — have actively shown their backing for Trump both before and after his election in November. Reports indicate that the trio plans to gather in a VIP area during Trump’s upcoming inauguration.

Biden has also advocated for changes to the Supreme Court, Congress, campaign finance regulations, and the presidency itself.

“We must amend the Constitution to clarify that no president — no president — is above the law for crimes committed while in office,” he stated, directly referencing a Supreme Court decision from last July that affirmed presidential immunity.

Biden’s presidency concludes on Monday at noon, marking the start of Trump’s second term.

Watch the video below:

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