Outgoing US President Joe Biden warned Americans about a “dangerous concentration of power” among a few wealthy people in the United States and urged them to “stand guard” against threats from oligarchs, disinformation and AI in a future under Donald Trump as he delivered a farewell address on Wednesday ahead of stepping down next week.
In a brief Oval Office speech, the Democrat touted his achievements in steering the US economy out of the deep crisis inflicted by the Covid-19 pandemic and said he had made the nation’s alliances abroad stronger.
In a veiled reference to incoming President Trump’s close ties to billionaire Elon Musk and other tycoons, he said an “oligarchy is taking shape in America” — and “a dangerous concentration of power.”
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” Biden said.
It’s been the privilege of my life to serve our nation for over 50 years.
I’ve given my heart and soul to you, and I’ve been blessed a million times in return with the love and support of the American people.
Join me as I deliver my farewell address. https://t.co/DRr4U4sa7B
— President Biden (@POTUS) January 16, 2025
He said the ultra-rich people around Trump represent a concentration of “extreme wealth, power and influence that literally threatens our entire democracy.”
Recalling the warning issued by former president Dwight Eisenhower in his own farewell address in 1961 about the dangers of an out-of-control military-industrial complex, he said, “I’m equally concerned about the potential rise of a tech industrial complex.”
The President also warned that Americans are succumbing to misinformation and that press freedoms are deteriorating and noted a “crumbling” media means people are increasingly vulnerable.
“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said, adding that “the free press is crumbling. Editors are disappearing.”
He said that social media is giving up on fact-checking. “The truth is smothered by lies- told for the power and profit. We must hold the social platforms accountable to protect our children, our families and our very democracy, from the abusive power,” he said.
Also clearly referring to Trump’s plans to roll back environmental protections and withdraw from a major international global accord on combating global warming, Biden said “powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis, to serve their own interest for power and profit.”
Naming another increasingly global challenge, Biden said artificial intelligence “is the most consequential technology of our time” that could bring huge benefits but also poses “risks for our economy and our security, our society.”
He noted that after eight months of nonstop negotiation by his administration, a ceasefire and hostage deal had been reached by Hamas.
The President is leaving office with a low approval rating – though higher than his predecessor and successor did. Biden’s term officially ends on January 20 with Donald Trump’s inauguration.