Written by Steve Holland and Kanishka Singh
WASHINGTON (Reuters) – US President Joe Biden warned on Wednesday in his farewell speech that an American oligarchy is forming in the United States among a few wealthy people who have accumulated a “dangerous concentration of power.”
Biden warned of a “technological industrial complex” in the United States in words that echoed President Dwight Eisenhower's farewell address in 1961. Eisenhower, who finished eight years as president, had warned of the dangers of a “military-industrial complex” coming to power in 2018. United States.
“Today, America is shaped by an oligarchy of extreme wealth, power and influence that truly threatens our entire democracy, our fundamental rights, our freedom, and our fair chance for all to get ahead,” Biden said from the Oval Office.
He did not name names, but Tesla (NASDAQ:) CEO Elon Musk, the richest man in the world, has not only amassed enormous wealth, but has become a powerful advisor to Donald Trump, the Republican who will take over as president from Biden on Monday.
Biden returned to Eisenhower's speech in his 15-minute message.
“Six decades later, I'm equally concerned about the potential rise of a tech-industrial complex. It could pose real risks to our country, too. Americans are being buried under a torrent of misinformation and disinformation, allowing for the abuse of power.” He said.
“The free press is collapsing. Its pillars are disappearing. And social media is abandoning fact-checking,” Biden said.
Biden's comments came after social media company Meta Platforms (NASDAQ:) recently scrapped its fact-checking program in the US and reduced restrictions on discussions on controversial topics such as immigration and gender identity, bowing to criticism from conservatives like Trump.
X, formerly known as Twitter, previously restricted content moderation on its platform after Musk bought it.
