In his farewell address, Joe Biden warns about 'oligarchy of ultra-wealthy taking root?in US', without naming Elon Musk
Joe Biden also made a reference to former US President Dwight D. Eisenhower's "military-industrial complex" remark and said that the potential rise of a tech industrial complex in the US is concerning.
US President Joe Biden, who is set to leave office in a couple of days, made his farewell address to the nation on Wednesday. Biden spoke about his achievements as President of the US and also offered a model for a peaceful transfer of power without mentioning his predecessor and successor, Donald Trump.
CREDIT: AP
However, the most striking part of Biden's address was where he expressed concern over the rise of oligarchy and the tech industrial complex in the US.
Who are oligarchs?
Oligarchs refer to extremely wealthy and politically connected business leaders in Russia and former USSR states who amassed undue wealth after the fall of the Soviet Union using their influence.
Danger of oligarch is US
Biden said a dangerous concentration of power in the hands of oligarchs in the US is threatening the country's democracy.
¡°Today, an oligarchy is taking shape in America of extreme wealth, power and influence that threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said.
CREDIT: AP
Tech industrial complex
Biden also made a reference to former US President Dwight D. Eisenhower's "military-industrial complex" remark and said that the potential rise of a tech industrial complex in the US is concerning.
"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. Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power," he said.
CREDIT: AP
Rise of American oligarchs
While Biden did not take names, it was abundantly clear who the oligarch and tech-industrial complex he mentioned were.
The world's richest man, Elon Musk, who emerged as the biggest supporter of Donald Trump during the elections, has seen his wealth and influence skyrocket due to his proximity to the president-elect.
Musk, along with another billionaire entertainer, Vivek Ramaswamy, has been tasked with cutting down government expenses and regulations.
Another member of the 'PayPal mafia,' David Sacks, has been appointed as the new "White House AI and Crypto Czar."
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Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.
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