Biden, in his farewell address, declared the birth of an oligarchy in the U.S.
The incumbent US President Joe Biden said that at the moment an oligarchy is beginning to emerge in America, which poses a threat to democracy. He stated this on January 15 during his farewell address.
"Today, an oligarchy of extraordinary wealth, power and influence is taking shape in America that literally threatens our entire democracy, our fundamental rights and freedoms and a fair chance for everyone to succeed," The New York Times quoted Biden as saying.
In his view, the dangerous concentration of power in the hands of a very few super-rich people is a cause for concern. He notes that dangerous consequences could come if the abuse of power goes unpunished.
Biden also called for reforming the tax code so that billionaires pay "their fair share" without big tax breaks, eliminating hidden campaign financing, and banning members of Congress from trading stocks while they are in Congress.
"We need to enact <...> the strongest ethics reforms for our Supreme Court. <...> We need to amend the Constitution to make it clear that no president is immune from the crimes he or she commits while in office," he emphasized.
Earlier, on November 13, 2024, sources in the entourage of President-elect of the United States Donald Trump reported that American entrepreneur and billionaire Ilon Musk behaves as if he is co-president of the United States. In addition, the Bloomberg agency noted that the American entrepreneur and billionaire Ilon Musk could become an oligarch under Trump by influencing him.
Before that, on November 11 of the same year, it was reported that Musk has become an influential figure in Trump's entourage. Since the US presidential election, the entrepreneur has been visiting Trump's Mar-a-Lago residence every day, evaluating Trump's personnel decisions and being present during the president-elect's calls. Later, the president-elect announced that the entrepreneur will head the new Department of Efficiency of the Government of the States, which will take part in the reorganization of the American government.