In his final address from the Oval Office, President Joe Biden issued a stark warning to the American people about the growing concentration of wealth and power in the United States. His concerns echo the cautionary words of former President Dwight D. Eisenhower, who in 1961 warned against the rising influence of the military-industrial complex. Mr Biden’s focus is on the emergence of a “tech-industrial complex” that he argues is eroding democratic values by manipulating information, stoking division, and enabling the abuse of power.

This warning carries a deep resonance in a world where technological giants hold unprecedented sway over both public opinion and policy decisions. Mr Biden’s remarks highlight the tension between the promise of democracy and the reality of oligarchic control. In the face of rising inequality and the growing dominance of a few powerful corporations, democracy risks becoming a hollow shell, where political power is determined not by the will of the people, but by the interests of an elite few. This “tech-industrial complex” is not just a by-product of technological innovation, but a deliberate consolidation of power that is increasingly difficult to challenge. From misinformation campaigns to monopolistic control over personal data, the tech giants are shaping political discourse and public perception in ways that threaten the very fabric of democracy. The concept of an oligarchy in the United States is not new. Over the decades, economic inequality has steadily increased, and the power of corporate America has expanded, often to the detriment of ordinary citizens.

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Mr Biden’s concern is that this trend will soon culminate in an entrenched oligarchy, where the influence of money and corporate interests dominates the democratic process. The question now is whether American democracy can survive this concentration of power, or if it will fall victim to the forces of wealth and influence. The increasing dominance of tech giants like Google, X, Meta and Amazon has created a new power structure that operates largely outside the reach of traditional regulatory frameworks. These companies not only control vast amounts of personal data but also wield significant influence over political discourse, often shaping public opinion through algorithms and targeted messaging.

Mr Biden’s warning against the rise of an oligarchic system, driven by the power of technology, is a call to action for all Americans, and indeed to citizens of the world. If America is to preserve its democratic values, it must confront the unchecked power of corporations, reform the political system, and ensure that the voices of ordinary citizens are heard above the noise created by the wealthy elite. As Eisenhower cautioned more than six decades ago, unchecked power in any form, whether in the military industrial complex or the tech sector, has the potential to erode the very essence of democracy. Mr Biden’s final address serves as a reminder of the fragile nature of democracy and the responsibility that all citizens must bear in preserving it.