Biden Warns of an Emerging 'Oligarchy' in Final Address
The Facts
US Pres. Joe Biden during his farewell address to the nation Wednesday warned that he believes there's an oligarchy of "extreme wealth, power, and influence" taking shape in America that "literally threatens our entire democracy."
Speaking from the Oval Office less than a week before the swearing-in of Pres.-elect Donald Trump, the 82-year-old warned of a "dangerous concentration of power in the hands of a very few ultra-wealthy people" and the dangers that could arise if the tech sector's "abuse of power is left unchecked."
The Spin
Republican narrative
Biden continued the Democrats' strategy of painting a bleak picture of America's future, which voters soundly rejected at the ballot box. In addition to falsely claiming his policies had a positive effect on the nation, and making jabs at Trump, Biden also ignored how much he and his party have also benefited from contributions from billionaires.
Democratic narrative
In the same way Pres. Dwight Eisenhower in 1961 issued an ominous non-partisan warning to the nation about the "military-industrial complex," Biden has made an important call for Americans to stand against the consolidation of power in the hands of the ultra-wealthy tech class. It's up to Democrats to keep spreading this message and for Americans who value democracy to heed his call.
