'Oligarchy 2.0': Experts weigh in on whether Biden's warning about wealthy justified

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'Oligarchy 2.0': Experts weigh in on whether Biden's warning about wealthy justified

^{Published on 2025-01-18 20:00:40 - ABC}

Biden's farewell speech warning that oligarchs pose a threat to democracy has echoed a growing problem in the world, economic and historical experts say.

President Joe Biden has raised concerns about the influence of the ultra-wealthy in American politics, warning that the country risks becoming an oligarchy where the rich exert disproportionate control over government decisions. In response, ABC News gathered insights from 20 experts across various fields to assess the validity of Biden's concerns. The experts largely agree that wealth inequality has indeed led to significant political influence by the affluent, with some pointing to the Citizens United decision as a pivotal moment that amplified this issue. They discuss how this influence manifests through campaign financing, lobbying, and policy-making that often favors the wealthy. However, opinions diverge on the extent to which this constitutes an oligarchy, with some arguing that while the system is flawed, it still retains democratic elements. Suggestions for reform include campaign finance reform, stronger antitrust enforcement, and policies aimed at reducing economic inequality to mitigate the risk of oligarchic tendencies.

Read the Full ABC Article at:
[ https://abcnews.go.com/Politics/oligarchy-20-experts-weigh-bidens-warning-wealthy-justified/story?id=117790741 ]

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