US President Biden warns of 'oligarchy' formation in US

Washington DC [US], January 16 (ANI): US President Joe Biden on Thursday highlighted the formation of an 'oligarchy' in his farewell address from the Oval Office.
Biden warned of the concentration of wealth in a few hands, as it would give them the opportunity to abuse their power.
"In my farewell address tonight, I want to warn the country of some things that give me great concern. And this is a dangerous -- and that's the dangerous concentration of power in the hands of a very few ultrawealthy people, and the dangerous consequences if their abuse of power is left unchecked. Today, 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. We see the consequences all across America. And we've seen it before," he said.
Biden said that the solution did not lie in punishing the wealthy, but to make them pay proportionately.
"More than a century ago, the American people stood up to the robber barons back then and busted the trusts. They didn't punish the wealthy. They just made the wealthy play by the rules everybody else had. Workers want rights to earn their fair share. You know, they were dealt into the deal, and it helped put us on the path to building the largest middle class, the most prosperous century any nation the world has ever seen. We've got to do that again," he said.
Biden highlighted that the wealthy must put forth their fair share in taxes.
"The last four years, that is exactly what we have done. People should be able to make as much as they can, but pay -- play by the same rules, pay their fair share in taxes. So much is at stake," he said.
Biden also highlighted the threats of climate change, and said he signed the clean climate law, which is the most significant in history.
"Right now, the existential threat of climate change has never been clearer. Just look across the country, from California to North Carolina. That's why I signed the most significant climate and clean energy law ever, ever in the history of the world. And the rest of the world is trying to model it now. It's working, creating jobs and industries of the future. Now we have proven we don't have to choose between protecting the environment and growing the economy. We're doing both," he said.
He added that the 'powerful forces' are using their influence to eliminate the steps taken to tackle the climate crisis.
"But powerful forces want to wield their unchecked influence to eliminate the steps we've taken to tackle the climate crisis, to serve their own interests for power and profit. We must not be bullied into sacrificing the future, the future of our children and our grandchildren. We must keep pushing forward, and push faster. There is no time to waste. It is also clear that American leadership in technology is unparalleled, an unparalleled source of innovation that can transform lives. We see the same dangers in the concentration of technology, power and wealth," he said.
Biden quoted Former US President Dwight D Eisenhower, who warned of 'misplaced power' and spoke of military-industrial complex.
"You know, in his farewell address, President Eisenhower spoke of the dangers of the military-industrial complex. He warned us about, and I quote, "The potential for the disastrous rise of misplaced power." Six decades later, I'm equally concerned about the potential rise of a tech-industrial complex that could pose real dangers for our country as well," he said.
Biden warned of the perils of misinformation and lack of free press.
"Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power. Meanwhile, artificial intelligence is the most consequential technology of our time, perhaps of all time," he said. (ANI)