"Oligarch" meaning explored as Joe Biden warns Americans of a 'dangerous concentration of power' in his farewell speech

Outgoing US President Joe Biden, in his farewell speech, while bidding his decades-long career in politics to an end, warned of the dangers of an Oligarchy gaining power in America.

(Post via X/@AP)

As per the Merriam-Webster dictionary, Oligarch refers to a ruler in an Oligarchy where the government consists of a small group exercising control for selfish and corrupt purposes.

In his speech, Biden mentioned,

"Today, an Oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom."

Biden delivered his farewell speech from the Oval Office with family photos behind him four days before he was scheduled to leave office, in a tradition that dates back to the first president, George Washington, in 1796.

---

"I want to warn the country of some things that give me great concern" - says Joe Biden

During his farewell speech from the Oval Office in prime time on January 16, Joe Biden mentioned he wanted to warn the country of the "ultrawealthy people" and their possible abuse of power.

(Post via X/@HillaryClinton)

Donald Trump, who will be taking office as President on January 20, is a billionaire. One of his top allies is Elon Musk, who is also known as the wealthiest man in the world. Members of the incoming administration reportedly accumulate more wealth than any previous cabinet.

While warning the country, Joe Biden drew a parallel with the military-industrial complex that Dwight D. Eisenhower once warned about.

"Dr Eisenhower spoke of the dangers of the military industrial complex. He warned us about, and I quote, 'The potential for the disastrous rise of misplaced power.' Six decades later, I'm equally concerned about the potential rise of a tech-industrial complex that could prose great dangers for our country as well."

Joe Biden also added that,

"Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power. The free press is crumbling. Editors are disappearing. Social media is giving up on fact-checking."

Biden's comments on social media reportedly concern Mark Zuckerberg's decision to end Meta's fact-checking program and replace it with a model similar to "Community Notes" on X on January 7.

Like Elon Musk, Mark Zuckerberg also supports Donald Trump and is reportedly scheduled to cohost a reception with billionaire Republican donors for Donald Trump's Presidential inauguration.

Biden's speech lasted for 17 minutes, and the 82-year-old former President of the United States leaves office as a one-term president.