Biden Warns of "Oligarchy" Threatening US Democracy in Farewell Address

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In a farewell address from the Oval Office, President Joe Biden cautioned about the rising influence of a wealthy elite in the United States, referring to it as a "dangerous concentration of power." He raised concerns that this emerging "oligarchy" could jeopardize democracy, basic rights, and the opportunity for all citizens to succeed.

Biden did not specifically name individuals but indicated that many of the wealthy have aligned themselves with president-elect Donald Trump, who won the election earlier in November. Notable figures mentioned include Elon Musk, who reportedly spent over $100 million to support Trump, as well as other tech giants like Meta's Mark Zuckerberg and Amazon's Jeff Bezos, both of whom also contributed to Trump's inauguration.

In his remarks, Biden also highlighted the role of a "tech-industrial complex" that has fostered misinformation and disinformation, exacerbating the potential for abuse of power. He proposed amending the US Constitution to remove presidential immunity for crimes committed in office, in light of the Supreme Court's previous ruling granting Trump such protection following the 2020 election.

Additionally, Biden claimed credit for a ceasefire agreement between Israel and Hamas that included the release of Israeli hostages in exchange for Palestinian prisoners. He emphasized the importance of collaboration between administrations, stating that his team had kept the incoming administration fully informed about the negotiations.

As Biden concluded his presidency, he expressed optimism about the future, stating, "It will take time to feel the impact of all we've done together, but the seeds are planted and they'll grow and they'll bloom for decades to come."

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