Biden warned that 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." He emphasized the need for the wealthy to "pay their fair share of taxes" and abide by the same rules as others.
He voiced concerns over the "potential rise of a tech industrial complex" that threatens the country, citing a concentration of technology, power, and wealth as being dangerous.
On misinformation, Biden stated, "Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing. Social media is giving up on fact checking." He lamented that "the truth is smothered by lies told for power and for profit."
Biden acknowledged AI's dual nature, asserting, "Artificial intelligence presented both opportunities and risks for American society, security, and the economy." He warned, "unless safeguards are in place, AI could spawn new threats to our democracy."
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