Biden warns in farewell address that an ‘oligarchy’ of ultrarich in US threatens future of democracy
President Joe Biden delivered his farewell address from the Oval Office on Wednesday, using the opportunity to warn against the growing concentration of power among the ultra-wealthy and the dangers posed by a “tech-industrial complex.” As he prepares to hand over the presidency to Donald Trump on Monday, Biden reflected on his legacy and offered stark warnings about the future of American democracy.
Biden highlighted the threat of an “oligarchy” of extreme wealth, power, and influence, describing it as a danger to democracy and equality of opportunity. He also expressed concern about a “tech-industrial complex,” drawing comparisons to President Dwight Eisenhower’s 1961 warning about the military-industrial complex. Without mentioning Trump directly, Biden urged Americans to safeguard their freedoms and institutions in a time of rapid technological and economic change.
Biden’s speech marked a call for reforms, including changes to the tax code to ensure billionaires pay their fair share, limits on hidden political donations, 18-year Supreme Court term limits, and a ban on stock trading for members of Congress. However, he acknowledged that his presidency did little to advance these measures, as his political capital diminished.
The president also addressed the rise of tech billionaires supporting Trump, such as Elon Musk, who donated over $100 million to his campaign, and industry leaders like Mark Zuckerberg and Jeff Bezos, who sought influence with the incoming administration.
Biden reflected on his five decades in politics, from being the youngest U.S. senator at age 30 to serving as vice president under Barack Obama. Though he initially sought reelection, Biden ended his campaign following a debate stumble and internal party pressure, paving the way for Vice President Kamala Harris to become the Democratic nominee.
In his closing remarks, Biden emphasized the importance of peaceful transitions of power, highlighting his administration’s efforts to brief Trump’s incoming team. He also called for a constitutional amendment to eliminate immunity for sitting presidents, referencing Trump’s efforts to overturn the 2020 election.
Speaking from the Resolute Desk, Biden was joined by his family and Vice President Harris, whom he described as being like family. First Lady Jill Biden held Harris’s hand in a touching moment as the president bid farewell to the nation, concluding his political career with a call for vigilance and unity in protecting democracy.
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