In a poignant farewell address delivered from the Oval Office on January 15, 2025, President Joe Biden issued a stark warning about the emergence of an American oligarchy and the growing influence of a “tech-industrial complex.” Drawing parallels to President Dwight D. Eisenhower’s 1961 caution against the “military-industrial complex,” Biden expressed concern over the concentration of power among a select group of ultra-wealthy individuals, particularly in the technology sector.
Without naming individuals directly, Biden alluded to tech magnates such as Elon Musk, Mark Zuckerberg, and Jeff Bezos, highlighting their increasing sway over economic and political spheres. He emphasized that this consolidation of power poses a significant threat to democracy, freedom, and equitable opportunities for all Americans.
I want to warn the country of some things that give me great concern. And this is a dangerous concern. And that’s the dangerous concentration of power in the hands of a very few ultra-wealthy people,” Biden said.
He added, “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead.”
He did not name the subjects of his warning, but his targets seemed clear: Donald Trump and Elon Musk.
Biden also warned about social media:
“I’m equally concerned about the potential rise of a tech industrial complex that could pose real dangers for our country, as well,” he said.
“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing,” he added.
“Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power,” he urged.
The President also addressed the pervasive issue of misinformation, criticizing social media platforms for their role in spreading false narratives for profit. He lamented the decline of fact-checking initiatives and urged for responsible development and deployment of artificial intelligence technologies to ensure they serve the public good.
Reflecting on his administration’s achievements, Biden highlighted strides in economic recovery, job creation, and environmental protection. However, he underscored the need for continued vigilance in preserving democratic institutions and called for reforms, including tax changes, campaign finance transparency, Supreme Court term limits, and a ban on stock trading by members of Congress.
As he prepares to hand over the presidency to President-elect Donald Trump, Biden concluded his address by emphasizing the importance of a peaceful transition of power and the collective responsibility of citizens to safeguard the nation’s democratic values.