‘Oligarchy taking shape in America’: Key takeaways from President Biden’s farewell address

US President Joe Biden delivered his farewell address at the Oval Office in White House on Wednesday night giving star warnings about misinformation, Artificial Intelligence and growing ‘oligarchy’ of the ultra-wealthy in America.

President Biden began his final speech by informing about the historic Israel-Hamas ceasefire deal which paused the hostilities between the two from the last 15 months. Biden credited the finalisation of the ceasefire agreement to his administration and said that hostages will be returning to their families soon.

Speaking last time from the Oval Office as president before he hands over the baton to President-elect Donald Trump, Biden seized the moment to bring up issues affecting Americans, including to spotlight the accumulation of power and wealth in the US among just a small few.

Here are the takeaways from President Joe Biden’s final speech:
Biden warns of developing oligarchy in US
President Joe Biden warned about the developing ‘oligarchy’ in America and stressed the importance of holding the ultra-wealthy accountable with similar expectations to that of middle class and working citizens.

“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, and a fair shot for everyone to get ahead,” Biden said.

Highlighting the dangers of concentration of power among a few ultra-wealthy people, Biden said it is a dangerous concern for the country. The president made reference to the concentration of power over a century ago in the hands of “robber barons”.

Concern over social media and Artificial Intelligence
President Joe Biden expressed his concerns over the spread of misinformation and disinformation and the potential rise of a tech industrial complex which could pose a threat to America.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing,” he said.

Biden argued his accomplishments would take time to be felt
The outgoing president said that he didn’t receive much credit for the work he has done during his tenure as the president of the United States and that he is immensely proud of the list of accomplishments he leaves behind.

Biden suggested that patience should be maintained while reviewing his achievements in the tenure and that history could view him much differently than the elections.

“It will take time to feel the full impact of what we’ve done together. But the seeds are planted, and they’ll grow and they’ll bloom for decades to come,” Biden said during the final speech.