President Joe Biden warned of an “oligarchy” in the US, with billionaires holding significant power, as Donald Trump was sworn in for his second term. Tech moguls Elon Musk, Jeff Bezos, and Mark Zuckerberg joined Trump on the dais, worth nearly $1 trillion combined.
The trio has long had a prominent role in national politics, funding campaigns and donating to causes. Biden’s use of the term “oligarchy” refers to Russia’s form of government, where wealth is used to control power. Trump and his allies argue that billionaires can free Americans from elite interests, but experts say this could increase inequality and stagnation.
A recent AP-NORC poll found that 60% of Americans believe relying on billionaires for advice would be bad for the president, with Democrats more skeptical than Republicans. Critics warn that if wealth is increasingly tied to government power, it can undermine democracy.
Trump’s cabinet includes several billionaires, who have been accused of accumulating power and influence. The term “broligarchs” was coined by sociologist Brooke Harrington to describe this new wave of tech supporters, who have more wealth than individual nations’ governments.
Source: https://apnews.com/article/oligarchy-musk-bezos-zuckerberg-trump-biden-altman-putin-3ade224cccfb287f7fadaeac42b76e3d