President Joe Biden warned of a looming “oligarchy” and a “dangerous concentration of power” in the hands of a few wealthy people that he said is threatening America’s democracy, in his farewell address on Wednesday.
“Today, an oligarchy is taking shape in America, extreme wealth, power and influence that really threatens our entire democracy, basic rights, freedoms and a fair shot for everyone,” he said. “We see the consequences all across America, and we’ve seen it before, more than a century ago, that the American people stood up to the robber barons back then and busted the trust. They didn’t punish the wealthy.