In farewell address to nation, Biden warns of dangers of ‘oligarchy’ running the U.S.

President Joe Biden warns of oligarchy and tech-industrial complex in farewell address, reflecting on his presidency and legacy.

U.S. President Joe Biden used his farewell address to the nation Wednesday (January 15, 2025) to warn of an “oligarchy” of the ultra-wealthy taking root in the country and of a “tech-industrial complex” that is infringing on Americans’ rights and the future of democracy.

Speaking from the Oval Office, Mr. Biden sounded alarm over an oligarchy he said “is taking shape in America.” Invoking President Dwight Eisenhower’s warnings about the military-industrial complex when he left office, he added, “I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well.” President Joe Biden delivered a farewell address to the nation Wednesday night, seizing what may be his final opportunity to reshape Americans’ grim views on his term before he departs the White House.

His speech in the Oval Office is the latest in a series of remarks on domestic policy and foreign relations that are intended to cement his legacy. Earlier in the day, he heralded a long awaited ceasefire agreement between Israel and Hamas, which could end more than a year of bloodshed in the Middle East.

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

But Biden isn’t leaving the White House in the way that he hoped. He originally tried to run for reelection, brushing aside voters’ concerns that he would be 86 years old at the end of a second term. After stumbling in a debate with Republican Donald Trump, Mr. Biden dropped out of the race under pressure from his own party.

He endorsed Vice President Kamala Harris, who lost to Trump in November. Now Mr. Biden is preparing to cede power to someone he’s described as an existential threat to the country’s democratic institutions.

He implicitly acknowledged that his promises remained unfulfilled in an open letter released Wednesday morning.