Caricature of president joe biden
Biden caricature by DonkeyHotey on Flickr, CC 2.0

Biden Farewell Speech: Warned of Oligarchy and “Tech Industrial Complex”

President Joe Biden addressed the nation in a farewell speech last night. He issued a warning about an oligarchy of extreme wealth and power currently taking shape that will threaten democracy. He also warned of a “tech industrial complex,” citing Meta no longer performing fact-checks, saying that it will “bury the American people under an avalanche misinformation and disinformation.”

Serena Zehlius
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Serena
Serena Zehlius
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Serena Zehlius is a passionate writer and Certified Human Rights Consultant. Her love for animals is matched only by her commitment to human rights and progressive...
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This story first appeared on the States Newsroom

President Joe Biden issued a series of warnings Wednesday night during his farewell address to the nation, while emphasizing the work still left to be done as the octogenarian soon caps off 50 years in public service.

Speaking from the Oval Office, Biden underscored the stakes tied to the dangers of climate change, artificial intelligence, and “a dangerous concentration of power in the hands of a very few ultra-wealthy people.”

“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.

He echoed concerns about a “tech industrial complex,” noting that “Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power.”

“The free press is crumbling,” Biden said.

Biden never referred to his successor, President-elect Donald Trump, by name, yet he urged that the Constitution be amended “to make clear that no president — no president — is immune from crimes that he or she commits while in office.”

The U.S. Supreme Court ruled in July that a president could enjoy full immunity from criminal charges for their official “core constitutional” acts

The decision stemmed from the January 6th election interference case Jack Smith brought against Trump. Smith dropped those charges after Trump’s election victory.

Biden’s Challenges

Throughout his single term in the White House, Biden contended with a range of challenges both at home and abroad. As he departs the Oval Office, he does so with approval ratings that remain low.

Biden abandoned his reelection campaign in July following a horrible debate performance against Trump in June. At 82, he faced ongoing questions about his age and cognitive decline. Critics were also angry that it took him so long to leave the race.

He posted his decision to drop out on X, where he also endorsed Vice President Kamala Harris for the Democratic ticket. She lost against Trump in both the popular vote and Electoral College.

“I wish the incoming administration success because I want America to succeed,” Biden said.

“That’s why I upheld my duty to ensure a peaceful, orderly transition of power, to ensure we lead by the power of our example,” he said.

Biden also faced criticism in December for pardoning his son, Hunter Biden, a reversal of his previous position

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Tax the Rich

Biden pushed for overhauling the tax system, saying it should happen “not by giving the biggest tax cuts to billionaires, but by making them begin to pay their fair share.” Republicans, now in charge of both Congress and the White House, intend to extend the tax cuts passed during Trump’s first term.

Biden called for an 18-year term limit and the strongest ethics reforms for the U.S. Supreme Court.

He also pushed for a ban on lawmakers trading stock while in Congress. 

The departing president highlighted several of his key achievements during his time in office, among them the ceasefire and hostage agreement between Israel and Hamas finalized earlier Wednesday, which he hopes will end the 15-month-long, brutal genocide in Gaza.

He pointed to his massive infrastructure, climate and clean energy policies, which have defined much of his presidency.

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“Together, we’ve launched a new era of American possibilities, one of the greatest modernizations of infrastructure in our entire history, from new roads, bridges, clean water, affordable, high-speed internet for every American,” Biden said.

He also pointed to the almost 17 million new jobs generated under his administration, along with enacting the broadest federal gun safety law in nearly three decades.

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Serena Zehlius
Senior Writer
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Serena Zehlius is a passionate writer and Certified Human Rights Consultant. Her love for animals is matched only by her commitment to human rights and progressive values. When she’s not writing about politics, you’ll find her outside enjoying nature.