Outgoing US President Joe Biden warned of a “dangerous” oligarchy being created in America as he delivered a farewell speech to end a decades-long career in politics.
“There is an oligarchy of extreme wealth, power and influence taking shape in America today that really threatens our entire democracy, our basic rights and freedom,” he said Wednesday.
Biden, 82, took aim at the ultra-wealthy “tech-industrial complex” that he said could wield unchecked power over Americans.
He also used his final televised speech from the White House to warn against climate change and social media misinformation.
Speaking from the Oval Office where his family had gathered to watch, he touted the achievements of his one-term administration, citing job creation, infrastructure spending, health care, getting the country out of the pandemic and making the US a safer country.
He added, however, that “it will take time to feel the full effect of everything we’ve done together, but the seeds have been planted and will grow and flourish for decades to come.”
Biden wished Donald Trump’s new administration well, but then issued a series of stark warnings, with the president saying “there’s a lot at stake right now.”
On climate change, he said “powerful powers want to use their unchecked influence to eliminate the steps we have taken to address the climate crisis to serve their interests for power and profit.”
On disinformation, Biden warned that “Americans are being overwhelmed by an avalanche of disinformation and disinformation, enabling the abuse of power.”
It also hit out at social networks like Meta, which recently announced it would get rid of independent fact checkers. “Social media is abandoning fact-checking. The truth has been drowned out by lies told for power and profit,” Biden said.
And his attack on the ultra-wealthy “tech-industrial complex” was a veiled reference to Silicon Valley executives like Elon Musk, the world’s richest man who is close to Trump and has provided massive financial support to his campaign.
Other tech bosses such as Jeff Bezos and Mark Zuckerberg have made efforts to improve relations with Trump ahead of his return to the White House.
Concluding his speech, Biden called on Americans to “guard” their country: “May you all be keepers of the flame.”
His farewell address came on the same day announced a cease-fire agreement between Israel and Hamas, which he spoke about in his opening address.
Biden said the negotiations were among the most difficult of his career, and he credited himself with helping the deal close.
The deal will see the ceasefire take effect on January 19, the day before Trump is due to take office. The new president also took credit for the deal, saying it was only possible because he won the November election.
