Biden’s Farewell Warning: Billionaire Influence and Democracy at Risk

Progressives Frustrated by Biden’s Final Warning on Billionaire Influence

For decades, the Democratic Party’s progressive wing has sounded the alarm about the United States inching toward an oligarchy—a system where a handful of billionaires dominate the nation’s wealth and political power. This week, as President Joe Biden delivered his farewell Oval Office address, he elevated those concerns, sparking mixed reactions from progressives.

A Farewell Warning

In his address, Biden declared, “Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead.” Flanked by Vice President Kamala Harris and his family, Biden warned of “a dangerous concentration of power” in the hands of a few ultra-wealthy individuals and the peril of leaving their influence unchecked.

Notably, the president had not previously used the term “oligarchy” in this context. His sudden emphasis on billionaire influence raised eyebrows and prompted a spectrum of reactions within his party.

Mixed Reactions from Progressives

Senator Sheldon Whitehouse (D-R.I.) expressed both appreciation and frustration, tweeting, “Now he tells us. Biden speaks out against dark money, for climate action, and for SCOTUS term limits. I pressed four years for this speech.”

Nina Turner, a national co-chair for Senator Bernie Sanders’ last presidential campaign, was more critical. “It’s cowardly that after representing the oligarchs for 50 years in office, he calls out this threat to our nation with just days left in his presidency,” she said. “Biden enabled, benefited from, and emboldened the system that threatens us all.”

The Debate on Billionaire Influence

The debate over billionaire influence in U.S. politics is poised to shape the country’s political and policy landscape. Democrats aim to undermine President-elect Donald Trump’s appeal to working-class voters by highlighting his ties to the billionaire class. Trump’s incoming administration is set to be the wealthiest in history, featuring over a dozen billionaires, including tech magnate Elon Musk.

Meanwhile, Meta CEO Mark Zuckerberg is co-hosting a reception with billionaire Republican donors for Trump’s inauguration. Democrats have sought to tie Trump to Musk, who once backed Biden and former President Barack Obama.

A Divided Party

White House spokesperson Andrew Bates defended Biden’s remarks, emphasizing their alignment with the administration’s efforts to combat billionaire influence. “President Biden’s call to action resonated with Democrats and others because it reflects the values that led to the most significant breakthroughs for working Americans since the New Deal,” Bates said.

Still, Biden’s critics point to contradictions. Earlier this month, Biden awarded the Presidential Medal of Freedom to Democratic megadonor George Soros and billionaire fashion magnate Ralph Lauren. Additionally, Harris’ campaign elevated billionaire Mark Cuban as a surrogate during the presidential race.

Progressive Voices

Some progressives acknowledged Biden’s acknowledgment of oligarchy as a step forward. Adam Green, co-founder of the Progressive Change Campaign Committee, likened it to Dwight D. Eisenhower’s military-industrial complex warning, calling it a “call to action that will be felt for years.”

Senator Bernie Sanders referenced Biden’s words during a confirmation hearing for Trump’s Treasury Secretary pick, Scott Bessent, a billionaire. “What Biden said last night is that we’re moving toward an oligarchy,” Sanders said. “Do you think that when so few people have so much wealth and so much political power that that is an oligarchic form of society?”

Bessent countered by pointing out that Biden had honored figures who could be seen as part of the oligarchic class.

Looking Ahead

The progressive movement remains divided over Biden’s legacy and his parting words. Marianne Williamson, a former presidential candidate now running for Democratic National Committee chair, dismissed Biden’s warning as overdue. “This is news?” she asked, adding that America has been ruled by an oligarchy for years.

Tiffany Muller, executive director of End Citizens United, highlighted the bipartisan nature of the issue in an op-ed. She noted that the 2010 Supreme Court ruling allowing unlimited political donations paved the way for billionaire influence in both parties.

Conclusion

While Biden’s warning may energize some progressives, it also underscores the challenges Democrats face in addressing billionaire influence while relying on wealthy donors. The tension between these dynamics will likely shape debates within the party for years to come.

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