What is an oligarchy? Biden warned of oligarchy forming in U.S.
On Jan. 20, President Donald Trump was officially inaugurated and sworn into office.
The three wealthiest people in the world, Elon Musk, Jeff Bezos and Mark Zuckerberg, sat side-by-side in the front row at Trump’s inauguration ceremony.
The high concentration of wealth seated in the front row of the Presidential Inauguration has caused concern, the concern being that an oligarchy is forming within the U.S. Government.
Biden warns in his farewell address that an oligarchy is forming in the U.S.
On Jan. 15, former President Joe Biden delivered his farewell address and, within the address, he warned of an oligarchy taking shape within the U.S.
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights, our freedom, and a fair shot for everyone to get ahead,” says former President Biden in his farewell address.
Biden goes on to reference former President Dwight Eisenhower’s own farewell address.
“In his farewell address, President Eisenhower spoke of the dangers of a military-industrial complex. He warned us then about, and I quote, ‘the potential for a disastrous rise of misplaced power,’ end of quote,” says Biden.
Then, Biden says he is equally concerned about the “potential rise of a tech-industrial complex.”
Following this, Biden says that citizens are smothered by misinformation and disinformation, and that this enables the abuse of power.
“The free-press is crumbling, editors are disappearing, social media is giving up on fact-checking. The truth is smothered by lies, told for power and for profit. We must hold the social platforms accountable, to protect our children, our families, and our very democracy from the abuse of power,” says Biden.
What is an oligarchy
An oligarchy, as defined by Oxford Languages, is a small group of people who have control of a country, organization or institution. In a government controlled by an oligarchy, power rests with only a few number of people.
In another definition, an oligarchy government is a government that is ruled by a small group, in which the few exercise control for corrupt and selfish purposes, according to Miriam-Webster.
The term ‘Oligarchy’ is used in reference to many, specific variations of “rule of the few.” For instance, an aristocracy is an oligarchy in which the ruling class is made up of aristocrats or nobles, and a plutocracy is an oligarchy in which the ruling class is made up of extremely wealthy individuals who use their money to influence policy, according to World Population Review.
Oligarchies typically lead with the goal of making even more money. Regarding this, when oligarchy governments become more self-preserving, they may become more authoritative and administer controlling, oppressive or exploitive government policies, says World Population Review.
Presley Bo Tyler is a reporter for the Louisiana Deep South Connect Team for Gannett/USA Today. Find her on X @PresleyTyler02 and email at PTyler@Gannett.com