Biden warns ‘oligarchy is taking shape in America’ in farewell address

Joe Biden’s final address to the nation struck an ominous tone after warning of the growing power of America’s ultra-wealthy, and cautioning that an emerging oligarchy threatens the foundations of US democracy.

The Wednesday prime-time Oval Office speech came as Biden prepares to hand the presidency back to Donald Trump, who he defeated in 2020 only to see return to power after Biden’s own dramatic exit from politics last summer.

“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 president outlined some of his most pressing concerns, including what he described as a “crumbling” free press, the outsized influence of the military-industrial complex, rising disinformation, and the need to remove dark money from politics. He also called for constitutional amendments to ensure presidential accountability, arguing that no president should be immune from prosecution for crimes committed while in office, reports the Guardian.

His presidency, which began with promises to restore America’s soul, ends with him departing after a single term, having abandoned his re-election bid in July under pressure from his own party amid concerns about his age and fitness for office. His endorsed successor, Kamala Harris, subsequently lost to Trump in November’s election.

Despite facing low approval ratings in his final months, Biden sought to highlight his administration’s significant legislative achievements, including investments in infrastructure and clean energy, measures to reduce prescription drug costs, and steering the country through the pandemic’s aftermath. His administration also oversaw major conservation efforts and worked to rebuild US manufacturing.

Earlier on Wednesday, Biden announced a breakthrough ceasefire deal between Israel and Hamas, securing what could be seen as a final diplomatic victory of his presidency. The deal, which he first proposed last spring and which Trump’s team served as a catalyst in closing, could end a 15-month conflict that has pulverized Gaza, increasingly isolated the US on the global stage and saw the administration face widespread protests on college campuses and beyond.