Baba
“Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” Biden said.
Extreme wealth gap in US
The word “oligarchy” comes from the Greek words meaning rule (arche) by the few (oligos). Some have argued that the dominant political divide in America is no longer between left and right, but between democracy and oligarchy, as power becomes concentrated in the hands of a few. The wealthiest 1% of Americans now has more wealth than the bottom 90% combined.
Trump's cabinet loaded with oligarchs
The trend did not start with Trump but he is set to accelerate it. The self-styled working-class hero has has picked the richest cabinet in history, including 13 billionaires, surrounding himself with the very elite he claims to oppose. Elon Musk, the world’s richest man, has become a key adviser. Tech titans Musk, Jeff Bezos and Mark Zuckerberg – collectively worth a trillion dollars – will be sitting at his inauguration on Monday.
Rampant misinformation taints public understanding
Invoking former president Dwight Eisenhower’s farewell address in January 1961 that warned against the rise of a military-industrial complex, Biden said: “Six decades later, I’m equally concerned about the potential rise of a tech industrial complex. It could pose real dangers for our country as well. Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power.”
In an acknowledgement of news deserts and layoffs at venerable institutions such as the Washington Post, Biden added starkly: “The free press is crumbling. Editors are disappearing. Social media is giving up on fact checking. 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.”
Zuckerberg & Musk: dangerous players
Zuckerberg’s recent decision to abandon factcheckers on Facebook, and Musk’s weaponization of X in favour of far-right movements including Maga, was surely uppermost in Biden’s mind. Trust in the old media is breaking down as people turn to a fragmented new ecosystem. It has all happened with disorienting speed.
~ The above is courtesy of The Guardian (USA) ~
