NEW YORK – The left faction of the Democratic Party has long voiced worries about the United States devolving into an oligarchy, dominated by a small group of billionaires who wield excessive control over wealth and political influence.
This week, President Joe Biden brought these concerns to the forefront during a significant address from the Oval Office, just days before he steps down from his position. The reactions from progressives were mixed, showcasing a blend of gratitude, confusion, and discontent. “Now he finally speaks out,” remarked Senator Sheldon Whitehouse from Rhode Island on social media, highlighting Biden’s emphasis on combating wealthy interests, climate initiatives, and proposing term limits for the Supreme Court. “I’ve been advocating for this message for four years.”
Although many progressives rallied behind Biden throughout his term, some believe these remarks come too late. Critics note that the Democratic Party has increasingly opened its doors to affluent donors while simultaneously condemning the relationships that President-elect Donald Trump has cultivated with billionaires, notably tech magnate Elon Musk.
The ongoing dialogue about the clout of the wealthy in American politics is expected to significantly influence policy decisions from Washington and the political climate heading into future elections. While Trump positioned himself as a champion of the average worker, his forthcoming administration is poised to be the wealthiest in history, featuring over a dozen billionaires in key roles, including Musk, whose wealth surpasses $400 billion. Additionally, Meta’s CEO Mark Zuckerberg is co-hosting a fundraiser for Trump’s upcoming inauguration, marking a notable shift towards the new administration by the Facebook founder.
Democrats aim to tarnish Trump’s image among working-class voters by portraying him as tied to the elite, particularly in connection to Musk, who previously supported Biden and Obama. Biden’s use of the term “oligarchy” to discuss the influence of wealth on American politics marked a first in his tenure as president, and he made these issues a central theme in his final official address.
“Today, we are witnessing the emergence of an oligarchy in America, characterized by extreme wealth that poses a direct threat to our democracy and the fairness that everyone deserves,” declared Biden, with Vice President Kamala Harris and his family present. He pointed out the alarming concentration of power among a select group of wealthy individuals and the potential ramifications if this power remains unchecked.
Though few members of Congress openly criticized Biden, figures within the party’s more progressive wing, particularly those aligned with Senator Bernie Sanders, expressed stronger dissent. Nina Turner, who served as a national co-chair for Sanders’ recent presidential run, described it as “cowardly” for Biden to finally acknowledge the oligarchy threat after benefiting from it in his long political career. “While he rides off into the sunset, he will not suffer from the repercussions of the system he has empowered,” she stated.
The White House countered this criticism, asserting that Biden’s call to action resonated widely within the party and echoed values that led to significant accomplishments for working Americans since the New Deal. White House spokesperson Andrew Bates emphasized the importance of combatting abuses of power by wealthy special interests.
Tiffany Muller, head of End Citizens United, pointed to Trump’s inauguration as the onset of an oligarchic system developed over years, acknowledging that the issues concerning money in politics affect both major political parties. She remarked that while Citizens United has enabled both Democrats and Republicans to gather funds from elite sponsors, Trump is taking it to another level by placing his backers in significant government roles.
Senator Sanders, who has long cautioned against the rise of an oligarchy, commended Biden’s remarks and referenced them during discussions about Trump’s nominee for Treasury Secretary, Scott Bessent, who is himself a billionaire. During that hearing, Sanders posed a critical question about the implications of wealth disparity on democratic principles, but Bessent countered by referring to Biden’s connections with influential figures deserving of the oligarch label.
Biden recently recognized high-profile donors like George Soros and Ralph Lauren with the Presidential Medal of Freedom, intensifying scrutiny on his stance. Meanwhile, some Democratic contenders for party leadership have also grappled with the implications of wealthy influences.
Jeff Hauser of the Revolving Door Project noted a disorienting contradiction in Biden’s approach, suggesting that he appears desperate to appease certain billionaires while criticizing others. Faiz Shakir, previously on the Sanders campaign, remarked that Trump’s messaging has resonated powerfully with working-class voters.
Marianne Williamson, another contender for DNC chair, dismissed Biden’s statements as overdue, asserting that America has been under an oligarchy for an extended period. Nevertheless, within the progressive sector, some acknowledgment was given for finally addressing the matter of oligarchy in American politics.
“Biden’s warning about oligarchs and urging the American public to stay vigilant represents a critical rallying cry,” said Adam Green from the Progressive Change Campaign Committee, drawing comparisons to Eisenhower’s remarks about the military-industrial complex. “This message will resonate and inspire action for years to come.”
