President Joe Biden on Wednesday warned of an emerging oligarchy in the United States, cautioning that concentrated wealth and power are endangering democracy. Speaking in his final Oval Office address, Biden urged Americans to unite against the threat as he prepares to transfer power to Donald Trump next week.
“An oligarchy of extreme wealth, power, and influence is forming in America,” Biden said. “This threatens democracy, basic rights, and the fair opportunity for everyone to succeed.”
He criticized a “tech industrial complex” for spreading misinformation and disinformation, which he said enables abuses of power. Biden also noted the deteriorating state of the free press, calling it a significant concern.
Biden’s farewell address marked the conclusion of a political career spanning five decades. His presidency focused on addressing crises, including the COVID-19 pandemic, economic recovery, and climate change. Despite these efforts, Biden acknowledged challenges in uniting the nation and preventing democratic backsliding.
Donald Trump, set to take office on Monday at noon (1700 GMT), has tapped billionaire Elon Musk as a special adviser to reduce federal government costs. Trump’s cabinet selections aim to challenge traditional American alliances and governance norms, further reshaping U.S. politics.
Biden’s administration prioritized infrastructure investments, semiconductor manufacturing, and efforts to combat climate change. These initiatives aimed to address wealth inequality and stimulate future growth. His leadership oversaw a robust economic recovery, defying predictions of recession, even as inflation and high prices persisted.
The administration also distributed COVID-19 vaccines and bolstered international alliances, notably during Russia’s invasion of Ukraine. However, Biden faced criticism for the chaotic U.S. withdrawal from Afghanistan in August 2021, which resulted in 13 U.S. military casualties.
Biden’s foreign policy achievements included strengthening global coalitions and addressing security threats. Yet his strong support for Israel during its war in Gaza after the October 7, 2023, Hamas-led attack divided the Democratic Party and hurt his reputation among progressives.
In a letter released Wednesday, Biden reaffirmed his commitment to democracy, urging Americans to protect equality, liberty, and justice. “The soul of America remains at stake,” Biden wrote, calling for continued vigilance in the face of threats to democratic values.
White House officials pointed to Biden’s significant legislative accomplishments, which they said would have long-term benefits. “In historical terms, Biden has enacted the most transformative legislation since President Lyndon B. Johnson,” one official said.
