In a dramatic farewell speech from the Oval Office, President Joe Biden delivered a stark warning about the growing concentration of power among the ultra-wealthy and a looming “tech-industrial complex.” His address, aimed at sounding the alarm for the future of American democracy, was delivered just days before he hands over the presidency to Donald Trump.
Oligarchy taking shape in America
Biden warned that an oligarchy—an alliance of the ultra-rich—was emerging in America. He highlighted the dangerous concentration of wealth, power, and influence in the hands of a few individuals. This shift, he said, threatened not only the country’s democracy but also its freedoms and fairness.
“Today, an oligarchy is taking shape in America that could destroy our democracy,” Biden stated, underscoring his concerns for the future.
Tech-industrial complex: a growing concern
Biden’s speech echoed the warnings issued by President Dwight Eisenhower in 1961 about the military-industrial complex. Biden stressed that the U.S. now faces a new and equally dangerous threat: the tech-industrial complex. He pointed to the unchecked power of tech giants like Elon Musk and Mark Zuckerberg, warning that their influence was jeopardizing Americans’ rights.
“Social media is crumbling,” Biden said. “Misinformation and disinformation are burying Americans. The truth is being smothered by lies.”
Biden made it clear that social media companies, like X (formerly Twitter) and Meta, were no longer upholding truth in their platforms. Instead, they were fueling division and spreading misinformation. Musk, in particular, has turned X into a platform for right-wing voices, while Zuckerberg has backed down on fact-checking in the U.S.
Climate concerns and AI warnings
The outgoing president also spoke about the “powerful forces” threatening his climate achievements. He expressed fear that under Trump’s leadership, U.S. commitments to reduce global warming would be rolled back. Additionally, Biden warned about the rise of artificial intelligence (AI) and the competition with China in the development of transformative technologies.
A legacy at stake
Biden’s speech marked the end of his term, as he prepares to hand over the reins to Trump. He reflected on his time in office, asserting that the “seeds were planted” for a better future. But the tone of his address quickly shifted from legacy-building to crisis mode.
Biden’s concerns were particularly pointed given Trump’s close ties with some of the world’s wealthiest individuals, including Musk, and his ongoing fight over the 2020 election results. With polls showing Biden’s approval rating at a low 36%, it’s clear his presidency has been marred by controversies, including his decision to run for a second term despite his age.
Biden’s call to action
In his final moments in office, Biden urged Americans to stay vigilant. “Now it’s your turn to stand guard,” he told the nation, stressing that the responsibility to protect democracy was in their hands.
As his speech came to a close, Biden bid farewell with emotional moments alongside his family. Despite the rocky end to his presidency, he remains deeply committed to his message of safeguarding democracy from the growing influence of the ultra-wealthy and tech moguls.
In his last farewell, Biden issued one final warning: “The battle for America’s future is not over.”
As Trump prepares to assume power once again, Biden’s dire warnings about a dangerous new oligarchy and the tech-industrial complex continue to reverberate. Only time will tell how America responds.
