Biden Warns of Rising Oligarchy in America Amidst Tech Billionaire Influence

In a farewell speech, President Biden warned of American democracy's shift towards oligarchy, equating the tech billionaire influence on politics to historically brutal regimes. He highlighted the reliance on wealthy donors by both political parties. The term 'oligarchy' has Greek origins and denotes control by the few.

President Joe Biden delivered a powerful farewell speech on Wednesday, cautioning the nation about an impending drift towards oligarchy, where a few tech billionaires may control governmental actions.

Equating this shift with some of history's more oppressive regimes, Biden pointed to the wealth-driven political influence that is affecting both Republican and Democrat agendas.

The concept of oligarchy dates back to Ancient Greece, denoting command by the wealthy few, as opposed to aristocratic governance tied to nobility.

(With inputs from agencies.)