Joe Biden warns of oligarchy forming in the US in his farewell address

President Joe Biden concluded his five-decade political career with a poignant farewell address from the Oval Office on Wednesday, emphasizing unity while highlighting the pressing threats facing American democracy.

His speech marked the end of a presidency defined by significant achievements and stark challenges, overshadowed by the resurgence of Donald Trump, who is set to reclaim the White House.

Biden, who will hand over power to Trump at noon on Monday, opened his remarks with a call for national unity but swiftly pivoted to a grave warning about the concentration of wealth and power in the United States.

He expressed concerns over the growing influence of what he called a “tech industrial complex,” which he said fuels misinformation and undermines democratic institutions. “Our system of separation of powers, checks and balances may not be perfect, but it has preserved our democracy for nearly 250 years,” Biden stated.

The president acknowledged the achievements of his administration, including navigating the country through the COVID-19 pandemic, spearheading infrastructure investments, fostering semiconductor manufacturing, and addressing climate change. However, he also admitted the limits of his efforts to heal political divisions and combat authoritarianism abroad.

Despite his accomplishments, Biden’s decision to run for reelection at age 80 has drawn criticism. He was forced out of the race in July after a heated debate with Trump and was blamed for the Democratic Party’s disappointing performance in November’s elections.

Vice President Kamala Harris, who launched her own campaign after Biden’s withdrawal, failed to win any battleground states, leading to a Republican sweep.

Biden’s farewell comes as Trump prepares to assume office with a new administration. Trump has enlisted billionaire Elon Musk as a special adviser to cut federal government costs and has pledged to overturn many of Biden’s policies. The president-elect’s cabinet picks signal a shift toward dismantling traditional alliances and governance norms.

Reflecting on Biden’s legacy, former Obama adviser David Axelrod remarked, “He became a historic president when he defeated Trump. The fact that Trump is now returning to power, more influential than before, is a bitter ending to Biden’s story.”

In a letter released earlier Wednesday, Biden warned of ongoing threats to democracy and urged Americans to remain vigilant.