WASHINGTON- President Joe Biden vigorously defended his record and warned of an American “oligarchy” in a prime-time speech from the Oval Office as he bid farewell to four years in the White House and a five-year political career decades.
Biden, who will be replaced by President-elect Donald Trump in five days, said a “dangerous concentration of power in the hands of a very small number of ultra-wealthy people” poses enormous risks to the nation “if their abuses of power are left unchecked.”
“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our fundamental rights and freedoms and the opportunity for everyone to advance,” said Biden behind the Resolute Desk. “We’ve seen the consequences all across America, and we’ve seen it before.”
Biden’s warning comes as billionaire tech entrepreneurs wield growing influence over U.S. politics, including Elon Musk, who is expected to play a key role in Trump’s second term.
Trump, a multi-billionaire, is the richest president in history and has chosen several other billionaires including Doug Burgum, Linda McMahon and Howard Lutnick to serve in his administration. Other billionaires, like Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg, appear eager to develop friendly relations with the new administration.
“Over a century ago, the American people stood up to the robber barons and destroyed the trusts,” Biden said. “They didn’t punish the rich. They just made the rich play by the same rules as everyone else.”
Biden warns of a ‘technological-industrial complex’
In his 17-minute speech, Biden called it “the greatest honor of my life to lead you as commander in chief” and recalled the situation he inherited four years ago: a country in the grip of a raging pandemic and an economic crisis just two years earlier. a few weeks after the January 6, 2021 attack on the US Capitol.
“Over the past four years, our democracy has remained strong and every day I have fulfilled my commitment to serve as president for all Americans through one of the most difficult times in our nation’s history,” Biden said.
Yet his remarks were marked by concerns about the future. Citing social media companies in particular, he warned of the potential rise of a “technology industrial complex,” comparing it to the “military-industrial complex” that President Dwight D. Eisenhower warned about in his farewell speech in 1961.
“Americans are buried under an avalanche of misinformation and disinformation, enabling abuses of power,” Biden said, referring to Zuckerberg’s recent announcement the company would stop fact-checking on its social media platforms such as Facebook.
“The free press is collapsing. Editors are disappearing. Social media is abandoning fact-checking,” Biden said. “The truth is drowned out by lies, told for power and profit. We must hold social platforms accountable to protect our children, our families and our very democracy from abuse of power.”
More:A tarnished legacy? How Biden’s age and refusal to pass the torch sooner weigh on his exit
In the final days of his presidency, Biden, 82, tried to affirm a legacy defined by the signature laws he passed during his first term – with a razor-thin Democratic majority in the Senate – to trigger historic infrastructure spending, a resurgence of clean energy factories and investments in the microchip industry to catch up with China.
“I am very proud of everything we have accomplished together for the American people and I wish the new administration success because I want America to succeed,” said Biden, who did not mention Trump by name in his speech.
Biden said his policies had launched “a new era of American possibility,” while acknowledging that some of the projects would be years away.
“It will take time to fully feel the impact of everything we have done together, but the seeds are planted and will grow and flower for decades,” he added.
A deal in the Middle East a few days before departure
On the foreign policy front, Biden touted his track record restoring the nation’s global alliances and leading international support for Ukraine following Russia’s invasion and war.
Earlier today, Biden announced a long-awaited ceasefire agreement between Israel and Hamas that would end the war in Gaza and result in a gradual release of the remaining hostages in Gaza, including three Americans and the remains of four deceased Americans.
Trump immediately claimed credit for the deal, writing in a social media post that it would not have happened without his election victory over Vice President Kamala Harris in November.
“This plan was developed and negotiated by my team, and it will be largely implemented by the new administration,” Biden said at the start of his speech.
More:Israel and Hamas reach agreement on Gaza ceasefire and release of hostages
Biden used his last major speech to renew his call for term limits to 18 years and strong ethics reforms for Supreme Court justices. He said it was time to ban members of Congress from trading stocks. And he called for a constitutional amendment to clarify that no president is “immune from the crimes he commits while in office.”
In July, the Supreme Court ruled that presidents cannot be prosecuted for “official acts” while in office. The court’s decision stems from the Justice Department’s lawsuit against Trump over his efforts to overturn the 2020 election.
“The power of the president is not unlimited. It is not absolute. And it should not be,” Biden said.
“I give you my word,” Biden says
Biden leaves the White House with a mixed legacy and an approval rating of just 34%, according to a USA TODAY/Suffolk University poll this week. Meanwhile, Americans, 52 to 45 percent, now say they approve of Trump’s job performance during his first term — a far more positive assessment than he ever received while in office.
Since the election, Biden has been singled out by Democrats who say he helped bring Trump back to power by waiting 107 days before the election to withdraw from the race and thus limiting the time Harris had to mount his campaign.
Despite concerns about his age, Biden announced his intention to seek re-election in the spring of 2023, only to drop out last July following a disastrous debate that revealed an aging president who at times seemed incoherent and who struggled to make his case against Trump.
In recent days, Biden said he believed he could have defeated Trump had he stayed in the race — an assessment some interpreted as an attack on Harris.
Biden acknowledged Harris and her husband Doug Emhoff in his speech, saying they had “become like family, and to me, family is everything.”
Throughout his term, Biden repeatedly warned that Trump posed a threat to democracy and framed his shutdown as a “battle for the soul of the nation.” But Biden has failed to make Trump a footnote in American history. And on Monday, he will attend Trump’s inauguration ceremony and witness Trump’s inauguration as the 47th president.
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Before then, Biden is expected to travel to Charleston, South Carolina, on Sunday for what will be his last full day as president. White House press secretary Karine Jean-Pierre declined to say what Biden would do there.
Before his farewell speech, Biden released an open letter to Americans touting his accomplishments and calling it “the privilege of my lifetime to serve this nation for more than 50 years.”
“After 50 years of public service, I give you my word,” Biden said at the conclusion of his speech. “I still believe in the idea that this nation represents, a nation where the strengths of our institutions, the character of our people matter and must endure.
“Now it’s your turn to stand guard. May you all be keepers of the flame. May you keep the faith. I love America. You love it too. God bless you all and may God protect our troops.
Contact Joey Garrison on X @joeygarrison and Francesca Chambers at @fran_chambers