WASHINGTON (AP) — President Joe Biden issued a stark warning Wednesday night, cautioning that the United States is at risk of becoming an oligarchy dominated by ultra-wealthy tech executives. Speaking from the Oval Office, Biden expressed concern over the growing influence of what he termed the “tech-industrial complex,” which he said threatens democracy, basic rights, and economic fairness.
“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,” Biden said. He specifically highlighted the alliances between President-elect Donald Trump and tech billionaires Elon Musk, Jeff Bezos, and Mark Zuckerberg, who have been invited to the Capitol Rotunda to discuss government efficiency and spending cuts.
Historians and economic experts told ABC News that Biden’s warning reflects a long-building issue. Sarah Anderson, global economy project director at the Institute for Policy Studies, noted, “When you have the three richest men in the country on the dais … you cannot overlook how much influence billionaires have on the government.”
Daniel Kinderman, a political science professor at the University of Delaware, described the current income inequality in the U.S. as “oligarchic conditions.” He cited data showing that the top 1% of Americans own 35% of the nation’s wealth, while the bottom 50% own just 1.5%. Biden likened the situation to the 19th-century “robber barons” and industrial monopolies.
Trump and House Speaker Mike Johnson have defended their ties to tech CEOs, arguing that their expertise will make government more efficient. However, Kinderman warned that the current level of corporate influence over public discourse is unprecedented. “There is a sense in the business community that there should be efficiency, but what you don’t want is for them to write their own rules that just benefit their own industry,” he said.
Musk and Zuckerberg have faced criticism for rolling back content moderation policies on their platforms, X and Facebook, following pressure from Trump. Bezos has also drawn scrutiny for cutting diversity, equity, and inclusion (DEI) initiatives at Amazon. “This is oligarchy 2.0,” Kinderman said. “It’s a turbocharged technological oligarchy that has control over media and technology.”
Jonathan Hanson, a political scientist at the University of Michigan, noted that Musk’s involvement with Trump’s Department of Government Efficiency (DOGE) is particularly concerning. “This goes beyond influence; this is close control of government matters by someone who wasn’t elected,” Hanson said.
Biden’s speech has sparked a surge in Google searches for the term “oligarchy,” particularly in Republican-leaning states like Wyoming, Arizona, and Oklahoma. Hanson and other experts believe the issue could resonate with voters concerned about income inequality and the cost of living. “If Trump continues policies that benefit the CEO class, people will notice,” Hanson said.
Biden also pointed to historical examples of Americans pushing back against oligarchies, such as the rise of labor unions. “They didn’t punish the wealthy. They just made the wealthy … play by the rules everybody else had to,” he said. Anderson predicted similar pushback today, citing growing support for organized labor and consumer boycotts of companies tied to controversial policies.
Kinderman cautioned that the alliance between Trump and tech billionaires could fracture if ethical lines are crossed. “The new oligarchs are in a strong position, but that alliance could break,” he said.
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