In his farewell address delivered from the Oval Office, President Joe Biden warned of a "dangerous concentration of power" among a small group of ultra-wealthy individuals, which he described as an emerging "oligarchy" that threatens American democracy. He expressed deep concerns about the influence and authority held by this elite class, stating, “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's remarks highlighted the potential consequences of unchecked power, urging vigilance against the erosion of democratic values. He emphasized the importance of collective action to counteract these trends, referencing historical struggles against similar concentrations of power in the past.

 

The outgoing president reflected on his administration's achievements over the past four years while acknowledging the challenges ahead. He reiterated his commitment to ensuring a peaceful transition of power as he prepares to hand over the presidency to Donald Trump on January 20.