In his farewell address on January 15, Joe Biden warned Americans about the rise of an oligarchy in the U.S., where a small elite could gain overwhelming power, threatening democracy and equality. He noted the stark wealth inequality, stating that the richest 1% possess more wealth than the bottom 90%. Biden highlighted the particular influence of tech leaders like Elon Musk, Mark Zuckerberg, and Jeff Bezos, raising concerns about their potential alignment with political power, especially under a new Trump administration. Political experts echoed his fears, illustrating that the extreme wealth gap in America—where the top 1% hold nearly 30% of the nation’s wealth—signals oligarchic traits. The Citizens United ruling further enables the wealthy to dominate political influence through campaign financing. While the U.S. remains a representative democracy, increasing inequality is leading scholars to draw parallels with oligarchic systems observed in countries like Russia, Hungary, and Iran. Historical examples also show that oligarchies can transition back to democracies, suggesting a possible cycle of political change.
Understanding Oligarchy: Is It a Danger to US Democracy?
By xpectafight
