WASHINGTON — President Joe Biden used his farewell address to the nation on Wednesday to strongly warn against the “oligarchy” of the ultra-rich taking root in the country and the “tech-industrial complex” that is undermining Americans’ rights and the future of democracy.
He is speaking from the Oval Office as preparations are made for the handover of power on Monday President-elect Donald TrumpBiden used what may be his last opportunity to address the country before leaving the White House to highlight the accumulation of power and wealth in the US among just a few.
“Today, an oligarchy of extreme wealth, power and influence is taking shape in America that literally threatens our entire democracy, our fundamental rights and freedoms, and a fair chance for everyone to get ahead,” Biden said, noting “a dangerous situation of concentration of power in the hands of a few ultra-rich people and dangerous consequences if the abuse of power is not stopped.”
Citing President Dwight Eisenhower’s warnings about the rise of a military-industrial sophisticated after he left office in 1961, Biden added: “I am equally concerned about the potential rise of a technological-industrial complex that could pose a real threat to our country as well.”
In his 15-minute speech, Biden presented a model for a peaceful transfer of power and – without mentioning Trump by name – expressed concerns about his successor.
It was a striking warning from Biden, who is stepping off the national stage after more than 50 years in public life as he tries to define his legacy and harden the country ahead of Trump’s return to the Oval Office. This time, the president, who has repeatedly called Trump a threat to the country’s system of government, went even further, warning Americans to be vigilant about their freedoms and their institutions in a turbulent era of rapid technological and economic change.
Biden sounded the alarm about oligarchy as some of the world’s richest people and tech industry titans sided with Trump in recent months, especially after his November victory. Billionaire Elon Musk spent more than $100 million helping Trump get elected, and executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inaugural committee and made pilgrimages to Trump’s private club in Florida to meet with president-elect, thereby trying to curry favor with his administration and shape its policies.
Biden’s speech in the Oval Office is the latest in a series of remarks on the topic internal politics AND foreign relations speeches that aim to cement his legacy and transform American society bleak views during his term of office. Earlier in the day he announced the long-awaited ceasefire agreement between Israel and Hamas, which could end more than a year of bloodshed in the Middle East.
“It will take time to feel the full impact of what we have done together, but the seeds have been planted and will grow and flourish for decades to come,” Biden said. It was a tacit acknowledgment that many Americans say they have yet to feel the impact of the trillions of dollars spent on national initiatives.
At the same time that Biden was criticizing social media companies for rolling back fact-checking on their platforms, Trump’s inbound communications director and press secretary shared posts on X falsely claiming that the president had delivered a pre-recorded speech. Biden blames his penniless standing in society on social media disinformation and the challenges he has faced reaching voters in the disaggregated up-to-date media ecosystem.
Biden has proposed his own set of solutions to the problems he has outlined: changing the tax code to make billionaires “pay their fair share,” eliminating the flow of hidden sources of money into political campaigns, establishing 18-year term limits for members of the Supreme Court and banning members of Congress from stock trading. His policy recommendations come as his political capital is running low, as Biden prepares to leave the national stage, and after he has done little to support those goals during his four years in the White House.
Federal Reserve data shows that the richest 0.1% of the country’s inhabitants collectively have wealth more than five times greater than the richest 50% combined.
Biden is not leaving the White House in the way he hoped. He tried to run for re-election, allaying voters’ fears that he would be 86 at the end of his second term. After stumbling in the debate with Trump, Biden withdrew from the race under pressure from his own party, and Vice President Kamala Harris became the Democratic nominee.
Wednesday night’s speech was a summary not only of Biden’s presidency, but also of his fifty years in politics. At age 30, he was once the nation’s youngest senator after being elected in 1972 to represent his home state of Delaware.
Biden served as president from 1988 and 2008 before becoming Barack Obama’s vice president. After serving two terms, Biden was considered to have retired from politics. But he returned to center stage as the unlikely Democratic nominee in 2020, successfully unseating Trump from the White House.
Stressing his own commitment to ensuring a peaceful transition of power, including holding briefings with Trump’s team and coordinating with the incoming administration for Middle East negotiations, Biden also called for a constitutional amendment that would end immunity for sitting presidents. This came in response to last year’s Supreme Court ruling that granted Trump broad protection from criminal liability for his role in trying to overturn his 2020 defeat to Biden.
Biden spoke from behind the Resolute desk, with photos of his family observable behind him in the Oval Office. First lady Jill Biden, his son Hunter, some of his grandchildren, Harris and her husband, Doug Emhoff, sat and watched.
As Biden spoke about Harris, saying she would become like family, the first lady reached out and grabbed her hand.
