In his last speech in office, President Joe Biden warned of an "oligarchy" developing in America, emphasizing the importance of the super-rich meeting the same expectations as workers and middle-class citizens, UNN reports citing CNN.
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"I want to warn the country about some things that cause me great concern. And this is a dangerous concern. And it's the dangerous concentration of power in the hands of a very few super-rich people and the dangerous consequences if their abuse of power goes unchecked," Biden said.
"Today, an oligarchy of extraordinary wealth, power, and influence is emerging in America that literally threatens our entire democracy, our fundamental rights and freedoms, and everyone's fair chance to succeed," Biden said.
The US president mentioned the concentration of power more than a century ago in the hands of "robber barons" who were broken by antitrust practices, an issue that Biden made a priority during his administration a century later.
"They didn't punish the rich. They just made the wealthy play by the rules that everyone else had to follow. Workers wanted the rights to earn their fair share," Biden said. - "They took part in the deal, and it helped us get on the path to building the largest middle class and the most successful century any nation in the world has ever seen. We have to do it again.