President Biden on Wednesday warned that an “oligarchy” of the ultrawealthy was emerging in America, sounding the alarm about unchecked power as he gave a farewell speech to the nation just days before he surrenders office to a man he disdains.
In an address from the Oval Office, Mr. Biden expressed concern about the “dangerous concentration of power” and issued a plea for the preservation of democratic ideals and institutions under the administration of President-elect Donald J. Trump.
“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,” Mr. Biden said.
While Mr. Biden did not explicitly name Mr. Trump, his remarks went straight at the tension at the heart of the incoming administration, in which billionaires like Elon Musk are positioned to wield enormous influence over the next four years. Are they really populists intent on shaking up the government to benefit working people who have been left behind by the establishment? Or are they just billionaire disrupters out to enrich themselves?
Mr. Biden’s warning of an unelected oligarchy taking shape echoed a similar one by President Dwight D. Eisenhower, who spoke about the military-industrial complex in his farewell address. The Biden version referred to the “tech-industrial complex,” in which he warned of the erosion of truth itself, brought forth by unchecked social media platforms — a reference to Meta doing away with fact-checkers this week — and artificial intelligence.
“Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power,” Mr. Biden said.
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