What is an oligarchy? This is what Joe Biden was referring to in his farewell address to the nation

In his farewell address to the nation, President Joe Biden warned of a growing threat to American democracy: a “dangerous concentration of power”. An oligarchy is a form of government where power is concentrated in the hands of a small, privileged group, typically for their own benefit

He stated, “Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms”. This concern is rooted in the potential for a small group of elites to wield disproportionate influence over the country’s political and economic systems.

Historically, oligarchies have formed when governing elites come exclusively from a ruling class, often distinguished by family ties, economic status, or other inherited privileges.

In modern contexts, oligarchies can emerge through the accumulation of wealth and power by a select few, even in ostensibly democratic systems. Indeed, the top 10% of wealthy Americans control 60% of the nation’s wealth, while the poorer half of the country holds only 6%.

So what did Biden do in power to curtail the robber baron’s wealth? Moves to increase the corporate tax rate failed, and covid-19 relief ended up benefiting the nation’s wealthiest far more than those it purported to help when introduced.

Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.

Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.