Progressives frustrated by Biden’s farewell warning on billionaire influence

President Joe Biden echoed those concerns for the first time from the Oval Office this week in his farewell address. The response from progressives ranged from appreciation to frustration and disbelief. “Now he tells us,” quipped Sen. Sheldon Whitehouse, D-R.I., referencing Biden’s sudden advocacy for Supreme Court term limits, climate action, and curbs on dark money. “I pressed four years for this speech.” While progressives have largely supported Biden during his presidency, many viewed his remarks as a case of “too little, too late,” particularly given the Democratic Party’s increasing reliance on wealthy donors even as it criticized President-elect Donald Trump’s close ties to billionaires like Elon Musk. The growing influence of billionaires in American politics has sparked debate across party lines. The issue has significant implications for policymaking and future elections. Trump, who has cultivated an image as a champion of the working class, is set to form the wealthiest presidential administration in history. His appointees include over a dozen billionaires, such as Musk, the world’s richest man. Meanwhile, Democrats hope to undermine Trump’s populist appeal by painting him as beholden to the billionaire class. Biden’s speech directly addressed the issue. “Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that threatens our democracy, basic rights, and the opportunity for everyone to get ahead,” Biden said, surrounded by Vice President Kamala Harris and his family. He warned of the “dangerous consequences” of unchecked power concentrated in the hands of a few ultra-wealthy individuals. Though Biden’s speech received praise from some party leaders, others were critical. Nina Turner, a national co-chair for Bernie Sanders’ 2020 campaign, called the timing “cowardly.” “After enabling and benefiting from the system for decades, he calls out the threat with days left in his presidency,” Turner said. “He won’t feel the harms of what he helped build.” Jeff Hauser, director of the Revolving Door Project, noted the inconsistency in Biden’s stance. “There’s a sense of whiplash,” he said, referencing Biden’s recognition of some billionaires, such as awarding the Presidential Medal of Freedom to Democratic donor George Soros and fashion magnate Ralph Lauren earlier this month. Outgoing White House spokesman Andrew Bates defended Biden, stating his call to action was consistent with his presidency’s focus on working Americans. “President Biden’s warning about oligarchs resonated widely because it reflects the values that led to historic progress for working families over the past four years,” Bates said. Progressives like Adam Green, co-founder of the Progressive Change Campaign Committee, expressed cautious optimism about Biden’s remarks. Comparing them to Eisenhower’s warning about the military-industrial complex, Green said Biden’s message could inspire action for years to come. Others, however, remain skeptical. Marianne Williamson, a former Democratic presidential candidate now running for DNC chair, dismissed Biden’s remarks as belated and insufficient. “This is news?” Williamson said. “America has been ruled by an oligarchy for years. Musk and his ilk represent ‘Oligarchy 2.0.’” As Biden exits, the progressive wing of the Democratic Party continues to push for systemic reforms to curb the influence of billionaires. Meanwhile, Trump’s billionaire-laden administration is poised to further test the balance of power in Washington, setting the stage for battles over wealth, influence, and democracy in the years to come.