Progressives react to Biden's warning on billionaire influence in U.S. politics

Progressives in the Democratic Party are reacting to President Joe Biden's recent warning about the rise of an American oligarchy. While some appreciate his acknowledgment, others feel it comes too late in his presidency. Biden's farewell address marked the first time he used the term "oligarchy" in relation to U.S. politics. He highlighted the dangers of extreme wealth and power concentration, which he believes threatens democracy. Critics within the party, particularly those aligned with Bernie Sanders, expressed frustration. They argue Biden has long benefited from the system he now condemns, while some party leaders praised his speech as a necessary call to action.