Biden warns of growing oligarchy threatening democracy in farewell speech

In his farewell speech, President Joe Biden warned of a growing "oligarchy" in America that threatens democracy. He urged Americans to defend their institutions against powerful forces reshaping society, emphasizing the need for constitutional amendments to hold presidents accountable. Biden criticized the influence of ultrawealthy individuals and the tech industry, particularly social media's role in spreading misinformation. He compared the current situation to the 19th-century era of robber barons, calling for action to address wealth inequality. While reflecting on his administration's achievements, Biden expressed concern over the future of democracy. He encouraged Americans to remain engaged and uphold the values of the nation, concluding with a call for vigilance in protecting democratic institutions.