The President of the United States, Joe Biden, has expressed concern about the formation of an oligarchy in the country, warning that the concentration of wealth and power in the hands of a small number of individuals could have devastating consequences for American democracy.
As noted by the Financial Times, such statements from the current U.S. president are a veiled attack on close allies of Donald Trump, including billionaire Elon Musk. Joe Biden quoted a caution from the late President Dwight Eisenhower in his farewell speech of 1961, which addressed the military-industrial complex. He emphasized that the current situation regarding the interaction between government and technology could become even more harmful.
“I am equally concerned about the potential rise of a technological industrial complex that could pose a real threat to our country. Americans are being buried under an avalanche of fakes and misinformation, making it possible to abuse power. The free press is collapsing. Editors are disappearing. Social media platforms are abandoning fact-checking,” Biden stated.
The president's remarks are a direct hint at the wealthiest individuals in the world, notably Elon Musk, who actively supports Donald Trump, along with other tech giants from Silicon Valley, such as Jeff Bezos and Mark Zuckerberg. They have not only aided Trump's campaign but are also likely to play prominent roles at Trump's inauguration ceremony on Monday.
By the end of his presidency, Joe Biden's approval rating had fallen to record lows: only 36.7% of Americans approve of his performance in office, while 55.8% do not. Ultimately, Biden expressed hope that over time, his achievements would be viewed positively and that they would leave a lasting impact for the decade to come.
Source: ft .