"Oligarchy in the US is threatening democracy" - Biden warns of the danger of concentration of power in the country
President Joe Biden wrapped up a half-century of political career with a final speech in the Oval Office, hoping to leave a legacy despite Democrats' failure to stop Donald Trump's return to the White House.
Biden opened his speech by urging Americans to unite, but then warned of a dangerous concentration of wealth in the United States.
"Our system of separation of powers, checks and balances may not be perfect, but it has preserved our democracy for nearly 250 years, longer than any other nation in history that has ever attempted such a bold experiment.
Today, an oligarchy of extreme wealth, power and influence is forming in America that threatens our entire democracy," Biden said.
He warned of a "technological industrial complex" that is bringing about an "avalanche of misinformation and disinformation, enabling the abuse of power." The free press, he added, is "being destroyed."
Biden hands over power to Trump at noon on January 20. Trump has appointed billionaire Elon Musk as a special adviser charged with cutting federal government costs.
The speech comes as Biden's Democratic Party has little influence in national politics and Trump has appointed a slate of cabinet members who have vowed to subvert traditional American alliances and governing norms.
Biden ran for president in 2020 as a transitional figure, but chose at the unprecedented age of 80 to run for reelection, convinced that he was the only Democrat who could defeat Trump.
Dropped out of the race in July after a disastrous debate against Trump, Biden has been blamed by some Democrats for their November loss. He and his allies oversaw the recovery from COVID-19, funded an infrastructure revival, ramped up production of new semiconductor chips and tackled climate change. Biden leaves a stronger-performing U.S. economy and optimistic businesses.
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