Biden warns of oligarchy threat, calls for sweeping reforms
In his farewell address, U.S. President Joe Biden warned against the rising oligarchy threatening democracy and freedoms in America. "Americans are being buried under an avalanche of misinformation," he said. The outgoing president called for constitutional reforms to limit the influence of the wealthiest.
U.S. President Joe Biden, in his farewell address to the nation, highlighted the danger posed by the growing oligarchy in America. According to Biden, the concentration of wealth and power in the hands of a few threatens democracy and fundamental civil liberties.
There is a dangerous concentration of power in the hands of very few ultra-wealthy individuals. The consequences of their unchecked abuse of power are perilous, the Polish Press Agency quotes the outgoing U.S. president. "Today, in America an oligarchy is forming that possesses immense wealth, power, and influence, which literally threatens our entire democracy, our basic rights and freedoms, and opportunities for everyone," added Joe Biden.
Biden pointed to the influence of billionaires from the technology and social media sectors, such as Elon Musk or Mark Zuckerberg, who have gained proximity to the future president, although he did not mention their names. The U.S. President called for social media to be held accountable to protect democracy, children, and families. He spoke about the development of artificial intelligence, which is both an opportunity and a threat.
Americans are being buried under an avalanche of misinformation that allows the abuse of power. The free press is crumbling. Social media platforms are abandoning fact-checking. Truth is stifled by lies for power and profit, PAP quotes Biden.
Biden's reform proposals: he wants to abolish presidential immunity
In his speech, Biden proposed a series of reforms aimed at limiting the influence of the wealthiest. Among them were changes to the tax system and campaign finance laws, to eliminate "dark money."
Biden also wants to limit the lifetime terms of Supreme Court judges to 18 years. The President proposed a ban on stock trading for members of Congress and the adoption of a constitutional amendment abolishing the immunity granted to presidents by the Supreme Court, to "clearly state that no president has immunity from committing crimes while in office," adds PAP.
During the address, Biden also summarized his achievements, including creating a record number of jobs, investments in infrastructure and energy transformation, and support for Ukraine against Russian aggression. The President expressed hope that his actions would bring long-term benefits to the country. "Now it's your turn to stand guard. May you all be keepers of the flame," Biden concluded.
