In farewell address, Biden warns an 'oligarchy' of ultra-wealthy is 'taking shape in America'

Outgoing US President Joe Biden on Wednesday delivered his farewell speech to the nation and used the address for giving a stark warning of a "dangerous" oligarchy of the ultra-wealthy taking shape in the country under Donald Trump.

“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, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked.”

Speaking from the Oval Office as he prepares to hand over power on Monday to President-elect Donald Trump, Biden seized what is likely to be his final opportunity to address the country before he departs the White House to spotlight the accumulation of power and wealth in the US among just a small few.

“I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” Joe Biden said, invoking former US President Dwight Eisenhower’s warnings about the rise of a military-industrial complex when he left office in 1961.

The 82-year-old delivered a 15-minute address to the nation from the Oval Office as his single term as US President comes to an end.

He used his address to offer a model for a peaceful transfer of power and — without mentioning Trump by name — raised concerns about his successor. It marked a striking admonition by Biden, who is departing the national stage after more than 50 years in public life, as he has struggled to define his legacy and to steel the country against the return of Trump to the Oval Office.

This time, the President, who has repeatedly called Trump a threat to the nation’s system of governance, went even further, warning Americans to be on guard for their freedoms and their institutions during a turbulent era of rapid technological and economic change, AP reported.

Biden sounded the alarm about oligarchy as some of the world’s richest individuals and titans of its technology industry have flocked to Trump’s side in recent months, particularly after his November victory. Billionaire Elon Musk spent more than $100 million helping Trump get elected, and executives like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos have donated to Trump’s inaugural committee and made pilgrimages to Trump’s private club in Florida for audiences with the president-elect as they seek to ingratiate themselves with his administration and shape its policies.

During his speech, Biden touted his legacy on the economy, healthcare, climate and tackling the gun violence that plagues the United States.

Biden's speech in the Oval Office is the latest in a series of remarks on domestic policy and foreign relations he has delivered that are intended to cement his legacy and reshape Americans’ grim views on his term.

“It’ll take time to feel the full impact of what we’ve done together but the seeds are planted and they’ll grow and they’ll bloom for decades to come,” Biden said.

'Free press is crumbling'

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," Biden said.

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.

Biden's term officially ends on January 20 with Donald Trump's inauguration.

(With inputs from AP)