Growing Oligarchy is taking shape in America, threatening foundations of our Democracy —Outgoing President Joe Biden warns in farewell address

Joe Biden’s final address to the nation struck an ominous tone as he warned of the growing power of America’s ultra-wealthy, and cautioned that an emerging oligarchy threatened 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 him 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.

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.

“This plan was developed and negotiated by my team, and will be largely implemented by the incoming administration,” Biden said on the impending ceasefire deal. “That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be, working together as Americans.”

In a letter released ahead of the speech, Biden reflected on his journey from “a kid with a stutter” from Scranton, Pennsylvania, to the highest office in the land. “I have given my heart and my soul to our nation.”

The president has remained defiant about his decision to withdraw from the race, telling donors last week that he believed he “could have beaten Trump“ but chose to step aside to unify the Democratic party. He has also signaled his intention to remain politically active after leaving office, recently telling reporters: “I’m not going to be out of sight or out of mind.”

The farewell address continues a tradition dating back to George Washington, though Biden delivered his under particularly complex circumstances – leaving office after a single term to be succeeded by a predecessor he has repeatedly warned poses a threat to US democracy.