Biden Warns of Oligarchy

President Biden warned Americans of a “dangerous concentration of power” in the hands of a “very few ultra-wealthy people” and the impact he feared it would have on the country’s democracy as he delivered a farewell address Wednesday from the Oval Office, Bloomberg reports.

Said Biden: “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, a fair shot for everyone to get ahead.”

New York Times: “It is notable that Biden, who has long been an institutionalist, used his final farewell address to call for major changes to the systems he has spent decades defending.”