Biden’s Farewell: A Stark Warning on the Dangers of ‘Extreme Wealth and Power’

WASHINGTON — In a farewell address from the Oval Office on Wednesday night, President Joe Biden underscored the ongoing issues facing the nation as he prepares to conclude his 50 years in public service.

Biden focused on critical challenges, including climate change, the rise of artificial intelligence, and the peril posed by a growing concentration of wealth among a select few. He expressed grave concerns about an emerging oligarchy that threatens democracy and basic rights. “Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy,” he stated.

Addressing the impact of misinformation, he referred to a “tech industrial complex” contributing to what he deemed a crisis in information. “The free press is crumbling,” he remarked, reflecting his dismay over the current media landscape.

While refraining from directly mentioning his political rival, Biden advocated for constitutional amendments to clarify that no president holds immunity for crimes committed while in office. This call for reform came in light of a U.S. Supreme Court ruling which stated that while presidents might have immunity for official acts, they do not for unofficial actions.

As he exits the White House, Biden’s tenure has been marked by low approval ratings, compounded by a tumultuous political climate. He withdrew from the 2024 presidential race in July after facing criticism regarding his age and performance in debates, eventually handing the campaign baton to Vice President Kamala Harris, who faced defeat against Trump.

“I wish the incoming administration success because I want America to succeed,” Biden stated, emphasizing his commitment to a smooth transition of power.

The former president also faced backlash over recent decisions, including an unconditional pardon granted to his son, Hunter Biden. The decision raised eyebrows given Biden’s earlier stances on such matters.

In his address, Biden urged for reforms in the tax code, advocating a fair contribution from billionaires rather than additional tax cuts. He outlined plans for Supreme Court reforms, including an 18-year term limit and a ban on stock trading by lawmakers.

Amidst his reflections, he highlighted significant accomplishments from his presidency, notably the recent ceasefire and hostage deal between Israel and Hamas, which he stated was negotiated by his team. Biden framed this outcome as a pivotal moment amid 15 months of conflict in Gaza.

He recounted achievements in infrastructure, climate initiatives, and job creation, citing nearly 17 million jobs added during his administration. “Together, we’ve launched a new era of American possibilities,” he asserted, summarizing his vision for progress.

A fact sheet detailing his administration’s record was released alongside his address, summarizing key successes leading up to this historic moment.

Last updated 8:56 p.m., Jan. 15, 2025