Biden warns of oligarchy threat in farewell address from the White House

In his farewell address, President Joe Biden warned that America is becoming an "oligarchy" due to a dangerous concentration of power among the wealthy. He expressed concern about the influence of ultra-rich individuals on democracy and basic rights. Biden highlighted the need for the wealthy to pay their fair share in taxes. He also cautioned against unchecked power that could undermine regulations aimed at combating climate change and contribute to misinformation in society. The address comes as President-elect Donald Trump prepares to take office. Biden drew parallels to past warnings about concentrated power, specifically referencing the military-industrial complex and expressing concern over a potential tech industrial complex.