WASHINGTON — In a farewell address to the nation on Wednesday, President Joe Biden issued a stark warning about the emergence of an “oligarchy” of the exceedingly wealthy in America, as well as a “tech-industrial complex” that he believes threatens civil liberties and the future of democracy.
From the Oval Office, with preparations underway for the transition of power to President-elect Donald Trump, Biden expressed concern over the growing concentration of wealth and influence within a small elite. He stated, “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 that this centralization of power among a select few billionaires has dangerous implications, especially if left unchallenged.
Recalling the warnings issued by President Dwight Eisenhower regarding the military-industrial complex, Biden voiced his apprehension about a potential tech-industrial complex that could similarly endanger the nation. His concerns were amplified by the fact that many of the wealthiest individuals, particularly in technology, have actively supported Trump in the lead-up to his presidency. Notably, billionaire Elon Musk made substantial financial contributions to assist Trump’s election, while others like Mark Zuckerberg of Meta and Jeff Bezos of Amazon have also engaged with Trump, further solidifying these concerns.
Biden further advocated for a constitutional amendment aimed at eliminating the immunity currently enjoyed by sitting presidents. This call to action was prompted by a recent Supreme Court decision that granted Trump extensive protective measures against criminal liability related to his actions post-defeat in the 2020 election.
The president’s remarks come during a critical period as he attempts to reshape the public’s often negative perception of his administration before leaving office. In earlier discussions, he celebrated a significant ceasefire agreement between Israel and Hamas, which aims to bring a resolution to over a year of conflict in the region. “It will take time to feel the impact of all we’ve done together, but the seeds are planted and they’ll grow and they’ll bloom for decades to come,” Biden remarked, highlighting the progress made during his presidency.
However, Biden’s departure from the White House is not as triumphant as he had envisioned. He initially sought reelection, intending to quell worries about his age, as he would be 86 at the end of a second term. After facing difficulties in a debate with Trump, Biden withdrew from the race under pressure from within his own party and subsequently endorsed Vice President Kamala Harris, who ultimately lost to Trump. As he readies to hand over the presidency to someone he views as an existential threat to democracy, Biden acknowledged the unfulfilled promises in an open letter released prior to his address.
“I ran for president because I believed that the soul of America was at stake,” he wrote, underscoring the ongoing relevance of his initial conviction. He also reflected on his administration’s achievements, such as leading the country through the coronavirus pandemic, bolstering domestic manufacturing, and working to reduce prescription drug costs.
This moment not only marks the conclusion of Biden’s presidency but also encapsulates his extensive political career spanning five decades. He was elected as America’s youngest senator at the age of 30 and has pursued the presidency on multiple occasions before finally securing the office in 2020. “Nowhere else on Earth could a kid with a stutter from modest beginnings in Scranton, Pennsylvania, and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as President of the United States,” Biden wrote in his letter, expressing his heartfelt gratitude for the support from the American populace throughout his journey.
