In a significant farewell address delivered from the Oval Office, President Joe Biden issued urgent warnings about growing inequalities in the U.S., particularly regarding what he termed an “oligarchy” formed by the ultra-wealthy. As he prepares to relinquish the presidency to Donald Trump on Monday, Biden sought to highlight the escalating concentration of power and wealth among a small elite, asserting that it poses a direct threat to democracy in America.
During his speech, which lasted roughly 15 minutes, Biden expressed deep concerns regarding the influence of wealthy individuals. He emphasized that this trend compromises the fundamental rights and opportunities for countless Americans to thrive. He remarked, “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy,” spotlighting the potential risks stemming from the unchecked power of a few privileged individuals.
Echoing sentiments from President Dwight Eisenhower’s departure speech in 1961, where he warned against a burgeoning military-industrial complex, Biden stressed his worry about a similar trend developing within the technology sector—describing it as a “tech-industrial complex” that could endanger national interests.
This address serves not only as a means for Biden to outline his apprehensions about the political landscape but also as an effort to model a smooth transfer of power—a topic of importance amidst concerns about the incoming administration’s alignment with certain corporate interests. The speech bore the weight of Biden’s lengthy career in politics, particularly as he has sought to define his legacy while countering the potential return of Trump to the White House.
Biden’s mention of oligarchy comes at a time when major tech figures have shown increasing support for Trump, particularly following his recent election victory. Notably, high-profile billionaires like Elon Musk have invested significant resources in Trump’s campaign. Additionally, influential executives such as Mark Zuckerberg and Jeff Bezos have actively engaged with Trump’s administration, raising questions about the influence of wealth on policy-making.
Earlier on the same day, Biden also lauded a crucial ceasefire agreement between Israel and Hamas, marking a potential end to prolonged violence in the region. He remarked on the lasting impact of the collaborative efforts during his presidency, hinting at challenges he faces in convincing Americans of the success of his administration’s initiatives amidst widespread skepticism about their tangible benefits.
As Biden delivered his address, he pointed out the disarray in social media reporting, criticizing platforms for failing to combat misinformation, particularly regarding claims made by Trump’s communications team. He attributed some of the struggles his administration faced to the evolving media landscape that complicates direct communication with the public.
Furthermore, Biden proposed various remedies to address the escalating wealth divide and political corruption, including reforms to the tax code for equitable billionaire contribution, restricting dark money in campaigns, enforcing term limits for Supreme Court justices, and prohibiting Congress members from engaging in stock trading. However, these proposals arrive at a time when Biden’s political momentum is waning, and his attempts at implementing these reforms during his presidency have been limited.
Biden’s departure comes with remnants of a complicated political journey. His aspirations for reelection were thwarted after significant pressure from within his party, ultimately leading to Vice President Kamala Harris stepping in as the Democratic nominee. His speech also underscored his efforts to facilitate an orderly transition to Trump’s administration, which included preparations for briefings and cooperation on crucial negotiations concerning the Middle East.
As he concluded his tenure, Biden engaged in a personal moment, speaking fondly of Harris and expressing familial regard, while family members were present to support him in the Oval Office. This reflective address not only caps Biden’s presidency but also encapsulates his extensive political career that began over five decades ago, highlighting the challenges and transformations he navigated throughout his time in office.
