Biden warns of wealthy oligarchy threatening US democracy in farewell address

In his farewell address, President Joe Biden warned of an emerging "oligarchy" of ultra-wealthy individuals threatening U.S. democracy. He highlighted the concentration of wealth and power, comparing it to past warnings about a military-industrial complex. Biden called for reforms, including eliminating tax cuts for billionaires and banning stock trading by Congress members. He emphasized the need for transparency in political funding and proposed term limits for Supreme Court justices. As he prepares to leave office, Biden reflected on his political career and thanked the nation for the opportunity to serve. He urged younger generations to protect democratic principles.