On Oligarchy And The Ruling Elites

Biden was OK With America’s Managerial Oligarchy Until They Started Sucking Up To Trump

American Oligarchy

In his farewell speech to the nation, President Joe Biden warned that American democracy was sliding into an “oligarchy” of tech billionaires.

Biden stated 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’. On an ominous note, he raised the alarm about what he called a ‘crumbling’ free press, the power of the military-industrial complex, the growth of disinformation and the impact of dark money on politics[i].

It is difficult to take seriously Biden’s sudden concern about the power that the extremely wealthy oligarchy exercises over American society. After all he never raised the alarm about oligarchical power during the four yeas of his presidency. Nor did he have problems with super rich donors who supported the Democratic Party’s presidential campaign. The founder of Microsoft, Bill Gates, who is one of the richest people in the world, donated $50 million to Harris presidential run[ii]. Biden clearly has no problem about rewarding oligarchs who share his agenda. Just recently, Biden gave the Presidential Medal of Freedom to billionaires George Soros and David Rubenstein. Oligarchs were always welcome in the Biden White House.

As it happens the super-rich flourished during the Biden Presidency. The richest 100 Americans saw their collective net worth surge 63% under Biden, ‘according to an analysis that covers the four years between his 2020 win and Trump's re-election last November, and excludes another 8% jump since then’.[iii] These people ended up $1.5 trillion richer during the past four years, according to the Bloomberg Billionaires Index.

So how do we account for Biden’s sudden conversion to an anti-oligarchical outlook? The answer is straightforward. During the election campaign when it became evident that there was a good possibility that Trump would defeat Kamala Harris numerous members of the billionaire class decided to switch their allegiance to Trump. This important shift was strikingly symbolized by the refusal of Jeff Bezos the billionaire owner of The Washington Post to allow his editor to come out in support of Kamala Harris. That an important national newspaper traditionally wedded to the Democratic Party refused to endorse its Presidential candidate indicated that pre-existing political loyalties counted for very little.

Bezos personifies the pragmatic opportunism of section of the American elites, particularly the billionaire tech capitalists, who decided that it was better to be inside Trump’s tent ‘ pissing out, than outside the tent pissing in’. Biden’s sudden embrace of a democrat critique of oligarchical power should be interpreted as an expression of his frustration with a bunch of billionaires who decided to ally themselves with Trump. Had the Democrats won the election Biden would have been busy praising the robust state of American democracy.

Contemporary Oligarchy

It is worth noting that Biden’s reflection on the commanding position of the American Oligarchy had nothing to say about the power of the Cultural Elites. Yet in the contemporary world the Cultural Elites exercise a far greater influence than the billionaires who oversee America’s economy.

America’s billionaire class maybe supper rich and possesses considerable economic and technocratic power. But this is an oligarchy that lacks both authority and legitimacy. One of the most striking manifestations of its legitimacy crisis is that it cannot provide a compelling account of its role. It lacks a project and a sense of purpose. It also does not believe in itself and does not possess the conviction that it has the right to rule. Its disorientation as an oligarchy is exacerbated by a loss of conviction in the values and outlook into which its elite predecessors were socialised.

In an attempt to find a way of resolving the problem of legitimacy, different groups of elites have experimented with new institutional and ideological solutions. Similarly, governments have adopted an ethos of permanent change and reform. The oligarcht is continually in search of a creed through which it can affirm its role as an elite. That is why ours is an era of official and semi-official values and mission statements. That is why so many business leaders have embraced the rainbow flag and institutionalised identity politics within their companies. Consequently the recently fashioned cultural mode has become a predominant mode of elite self-understanding and self-definition. In this context, the cultural elites have come to play a critical role in the constitution of oligarchical solidarity.

The role of the cultural elites is significant because unlike their political and economic counterpart, they have retained – and arguably – even advanced their capacity to exercise cultural hegemony. Consequently, cultural institutions – such as the media, higher education – play a decisive role in sustaining elite power.

That Biden failed to address the issue of cultural power is not incidental. America’s cultural elites and their institutions remain firmly in the camp of the Democratic Party. Despite the election of Donald Trump, the Cultural Elites remain the dominant force in the United States. They exercise great influence over the technocratic-managerial elites. They oversee the education of American’s children. They control the most important institutions of socialisation. They run higher education and the cultural and entertainment industry. The legacy media has suffered a setback during the course of America’s presidential campaign but it still retains formidable influence over public life.

The leading members of the cultural elites constitute the most important section of America’s oligarchy. Without the cultural resources that they provide the oligarchy could not exercise its power effectively. Biden’s tech-billionaires wield formidable influence but in the end they rely on cultural power to maintain their status.

Those of us who are genuinely concerned with the state of democracy need to challenge the influence of the cultural elites. That is why we need to develop a counter-culture, one that reflects the needs of democratically minded citizens.

Until than beware of the despotism of their culture!

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[i] https://www.theguardian.com/us-news/2025/jan/15/joe-biden-farewell-address-trump-oligarchy-america

[ii] https://www.nytimes.com/2024/10/22/us/elections/bill-gates-future-forward-kamala-harris.html

[iii] https://www.arkansasonline.com/news/2025/jan/17/rich-got-richer-under-biden-watch/