WASHINGTON — In his final address to the nation, President Joe Biden delivered stark warnings about the growing concentration of power in the hands of a few ultra-wealthy individuals and the potential dangers posed by a burgeoning “tech-industrial complex.” Speaking from the Oval Office on Wednesday, Biden emphasized the threats these forces pose to American democracy, rights, and freedoms.
With only days left in office, Biden made use of what may be his last opportunity to address the country before handing over power to President-elect Donald Trump. He spoke forcefully about the risks of an emerging oligarchy, warning that the accumulation of extreme wealth and influence could jeopardize the core principles of democracy.
“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,” Biden said. “The dangerous concentration of power in the hands of a few ultra-wealthy people could have severe consequences if their abuse of power is left unchecked.”
Biden’s remarks echoed those made by President Dwight Eisenhower in his 1961 farewell address, in which he warned of the military-industrial complex. In a similar vein, Biden expressed concern over the rise of a “tech-industrial complex,” warning that unchecked power in the technology sector could pose real dangers to the nation.
While Biden refrained from directly mentioning Trump by name, his address appeared to subtly reference the incoming administration. The president offered a model for the peaceful transfer of power, highlighting his own efforts to facilitate cooperation with Trump’s team. At the same time, Biden raised alarms about the potential erosion of freedoms and democratic institutions during a period of rapid technological and economic change.
Biden’s farewell speech, which lasted about 15 minutes, marked the end of a long and tumultuous presidency. He reflected on the challenges of his time in office, including inflation and war, and acknowledged that the full impact of his policies may not yet be felt by Americans.
“It’ll take time to feel the full impact of what we’ve done together but the seeds are planted and they’ll grow and they’ll bloom for decades to come,” Biden said, referring to his administration’s significant investments in domestic initiatives. However, many Americans have expressed frustration at the slow pace of progress and the lack of immediate benefits.
Throughout his speech, Biden also pointed to the influence of wealthy figures and tech magnates who have aligned themselves with Trump in recent months. Billionaires such as Elon Musk and business leaders like Mark Zuckerberg and Jeff Bezos have offered their support to the incoming president, further fueling concerns about the growing power of the elite.
In addition to discussing these domestic issues, Biden addressed foreign affairs, including the recent ceasefire agreement between Israel and Hamas, which has the potential to bring an end to over a year of conflict in the Middle East.
Biden’s departure from office follows a political journey spanning more than five decades, from his early days as a young senator to his eventual presidency. Though he initially sought re-election, Biden ultimately dropped out after facing challenges within his party, with Vice President Kamala Harris stepping in as the Democratic nominee.
As part of his final remarks, Biden called for a constitutional amendment to end immunity for sitting presidents, a direct response to a recent Supreme Court ruling that granted Trump broad protections from criminal liability regarding his efforts to overturn the 2020 election.
Speaking from the Resolute Desk in the Oval Office, Biden’s family, including First Lady Jill Biden, his son Hunter, and grandchildren, were present in the background. In a moment of warmth, Jill Biden reached for Kamala Harris’s hand as the president spoke about their close relationship.
The address marked the conclusion of Biden’s presidency, a time that will be remembered for both its achievements and its challenges as he navigated the increasingly polarized political landscape of the United States.