In his farewell address, outgoing President Joe Biden delivered a stark warning about the growing influence of oligarchy in the United States, expressing deep concern over the concentration of wealth and power in the hands of a few. Speaking from the Oval Office on Wednesday, Biden, who is wrapping up a decades-long political career, highlighted the increasing dominance of an ultra-wealthy “tech-industrial complex” and its potential to undermine American democracy.
Biden warned that this rising concentration of power poses a serious threat to the nation’s fundamental democratic values. He emphasized that the unchecked influence of a small group of individuals could jeopardize the rights and freedoms that form the core of American society. “Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that really threatens our entire democracy,” Biden stated, pointing fingers at tech giants, including figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg.
In what appeared to be a veiled criticism of Musk, who has close ties to the incoming Trump administration, Biden warned of the dangerous consequences of this power imbalance. He spoke of a “dangerous concentration of power in the hands of a few ultra-wealthy people,” referring to the growing influence of tech executives, whose personal interests could outweigh the public good. The term “oligarchy,” which refers to governance by a small, powerful elite, underscored Biden’s alarm at the increasing sway these figures hold over American society.
Biden also raised concerns about climate change and the spread of misinformation, two other key issues he believes are under threat due to the growing power of the wealthy elite. He warned that powerful forces are attempting to reverse the steps taken to address the climate crisis for the sake of profit and control. “Powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis,” Biden said.
In addition to these pressing concerns, Biden sharply criticized social media companies for abandoning fact-checking, enabling the spread of disinformation that contributes to the erosion of truth and accountability. He remarked, “The truth is smothered by lies told for power and profit,” casting a direct critique of platforms like Meta, which has recently scaled back its fact-checking efforts.
Biden closed his farewell address by urging Americans to “stand guard” over their country, calling on them to protect the values of democracy. His speech came on the same day he announced a ceasefire agreement between Israel and Hamas, a diplomatic success he hailed as one of the toughest negotiations of his presidency.
As Biden prepares to leave office, he reflected on his administration’s accomplishments, including job creation, healthcare improvements, and progress in climate action, while warning of the ongoing challenges the nation faces in preserving its democracy.
