In his closing address, Biden’s characterization of America as an oligarchy brought to light the unprecedented power of the ultra-wealthy, highlighting the alarming concentration of wealth and influence.
Biden pointed out that the incoming Trump administration is set to appoint at least 13 billionaires to government positions, signifying a troubling trend of wealthy elites consolidating power, raising questions about the influence of money in politics.
The surge in the number of billionaires from 60 in 1990 to nearly 750 today showcases the growing gap in wealth, indicating that billionaire status has become more common and less impressive in today's economy.
Biden’s speech invoked Eisenhower's warning, reframing it to criticize the emergent tech-industrial complex, emphasizing the new dynamics where technology and wealth intersect dangerously, indicating a shift in the power structure.
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