Biden: Oligarchy of wealth, power now threatens US

Biden's speech comes as his party lacks national leverage, while Trump's cabinet nominees vow to disrupt traditional alliances and norms

- Reuters

WASHINGTON: US President Joe Biden said an oligarchy is forming in the US that threatens democracy, issuing the bleak warning on Wednesday in his final Oval Office speech as he prepares to hand over power to Donald Trump next week.

Biden opened his speech with a familiar message - asking Americans to join together but quickly warned about a dangerous concentration of wealth in the United States.

"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that really threatens our entire democracy, our basic rights and freedom, and a fair shot for everyone to get ahead," Biden said.

He warned of a "tech industrial complex" that is bringing an "avalanche of misinformation and disinformation, enabling the abuse of power."

The free press, he added, "is crumbling."

Biden's farewell address, capping half a century in politics, sought to bolster a legacy that has been overshadowed by Democrats' failure to stop the Republican Trump from returning to the White House.