In his parting speech, Biden cautions about the emergence of an ‘oligarchy’ forming in the United States.

By Erica L. Green

In a farewell address delivered on Wednesday, President Joe Biden cautioned that an “oligarchy” composed of the extremely affluent is forming in America, raising alarms about unrestrained power just days before he steps down to a successor he holds in low regard.

Speaking from the Oval Office, Biden articulated his worries regarding the “perilous concentration of power” and called for the safeguarding of democratic values and institutions during President-elect Donald Trump’s administration.

“An oligarchy characterized by extreme wealth, power, and influence is indeed taking shape in America, posing a significant threat to our democracy, our fundamental rights and freedoms, and equal opportunity for everyone to succeed,” stated Biden.

Though Biden refrained from naming Trump outright, his comments directly addressed the underlying conflicts within the forthcoming administration, where billionaires like Elon Musk are positioned to exert substantial influence in the forthcoming four years. Are they genuinely populists striving to reform the government in favor of the working class abandoned by the establishment? Or are they merely billionaires seeking to further their own wealth?

Biden’s alert about an unselected oligarchy developing resonated with a similar warning from President Dwight D. Eisenhower, who discussed the military-industrial complex in his farewell address. Unlike Eisenhower, Biden’s message referred to the “tech-industrial complex,” which he warned might lead to the erosion of truth itself due to unregulated social media platforms — a nod to Meta’s recent decision to eliminate fact-checkers — as well as advancements in artificial intelligence.

“Citizens are overwhelmed by a flood of misinformation and disinformation that facilitates the misuse of power,” Biden remarked.

Though Biden has spent significant time in recent months highlighting his achievements, he focused little on that matter on Wednesday. Instead, he placed greater emphasis on urging Americans to remain involved in the democratic process and to persist in advocating for progress in crucial areas such as combating climate change.

“The influential forces seek to unleash their unchecked power to dismantle the advancements we’ve made to confront the climate crisis, in order to pursue their own interests for power and profit,” he stated. “We must not allow intimidation to lead us to sacrifice the future of our children and grandchildren. We must keep pushing forward and do so more rapidly.”

In many respects, this speech encapsulated not only four years in the White House but also over half a century of public service for Biden, who was raised in a political environment he no longer recognizes. It also served as a reminder for the nation to recall its foundational principles as he departs from the office he has long dreamed of holding.

“After 50 years at the core of all this, I’ve learned that believing in the essence of America necessitates respecting the institutions that govern a free society,” he commented.

“Our system of separation of powers and checks and balances — it may not be flawless,” he noted, “but it has sustained our democracy for almost 250 years, more prolonged than any other nation in history that has attempted such an audacious experiment.”

Biden advocated for term limits and ethics reforms regarding the Supreme Court, along with prohibiting members of Congress from engaging in stock trading.

He also called for modifications to safeguard against a recent Supreme Court ruling that granted presidents significant immunity, which Trump has sought to leverage in response to multiple criminal charges and may protect him as he promises retribution and other autocratic behaviors while in office.

“We need to amend the Constitution to clarify that no president is immune from crimes committed while serving in office,” Biden asserted.

In the waning days of his administration, Biden has aimed to solidify a legacy as a transformative leader who stabilized domestic politics while enhancing America’s global standing. Just hours prior to his Wednesday night address, Biden celebrated what could be considered the pinnacle of his foreign policy efforts by announcing that Israel and Hamas accepted a ceasefire deal he proposed earlier in the spring for the Gaza Strip.

However, his popularity remains deeply low. Even the venue of the speech, positioned behind the Resolute Desk in the Oval Office, serves as a reminder that Biden is not leaving office in the manner he may have hoped. His last prime-time address delivered there was to explain why he withdrew from the presidential race in July due to pressure from his own party amid growing concerns regarding his age and capability for another term.

Biden recognized that many of his policies did not resonate with the public. “It will take time to fully realize the impact of our collective efforts,” he mentioned. “But the seeds have been sown, and they will flourish, bringing forth results for decades to come.”

Biden spoke for approximately 17 minutes, adhering to the tradition of farewell addresses that dates back to George Washington. In 2021, Trump, isolated politically and facing an impeachment trial following the Jan. 6 Capitol attack by a mob of his supporters, told those gathered to witness his departure from the tarmac at Joint Base Andrews in Maryland: “Goodbye. We love you. We will return in some form.”

As he concluded on Wednesday night, Biden acknowledged his family, including his son Hunter Biden, who was present in the Oval Office alongside his wife and their young son, and Finnegan Biden, one of the president’s granddaughters. “You are the loves of my life and the essence of my love,” he expressed.

Vice President Kamala Harris and the second gentleman were also present as Biden wrapped up his remarks. He referred to Harris as an “incredible partner” and mentioned how she and her husband had become “like family.”

“Now it’s your turn to take charge,” Biden concluded his address to the nation. “May you all be the guardians of the flame. May you preserve the faith. I love America, and you love it too. God bless you all. May God watch over our troops. Thank you for this immense honor.”

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