Biden Warns of Oligarchy, Calls for Presidential Reform

In his farewell address, President Biden warned of the rise of an 'oligarchy' and a 'tech-industrial complex' in America, highlighting the threat posed by the concentration of wealth and power among a few ultra-wealthy individuals, which he claims endangers democracy and basic freedoms. He expressed concerns over misinformation and the role of tech giants like Elon Musk and Mark Zuckerberg, who have shown support for President-elect Trump, contributing significantly to his campaign. Despite his warnings, during Biden's presidency, the wealthiest Americans, including tech tycoons, saw substantial financial gains. Biden drew parallels to Dwight Eisenhower's caution against the military-industrial complex, emphasizing the potential dangers of unchecked tech power, and called for reforms, such as ending immunity for sitting presidents. His address marks an effort to reshape public perception of his term as he prepares to hand over power to Trump.