President Joe Biden asserted that America is becoming an “oligarchy” while warning the country in his televised farewell address on Wednesday of a “dangerous concentration of power” by the wealthy.
Why It Matters
President-elect Donald Trump is set to take office just after Biden completes his presidency on Monday. Trump won last year’s presidential election while receiving donations and support from tech billionaire Elon Musk, the world’s richest person, and several other wealthy individuals.
What To Know
“In my farewell address tonight, I want to warn the country of some things that give me great concern,” Biden said from the White House, “and that’s the dangerous concentration of power in the hands of a very few ultra-wealthy people…and the dangerous consequences if their abuse of power is left unchecked.
“Today, an oligarchy is taking shape in America,” he continued. “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. We see the consequences all across America.”
Biden went on to say that the rich would be allowed “to make as much as they can,” but not without paying “their fair share in taxes.” The president then warned that “powerful forces want to wield their unchecked influence” to roll back regulations intended to fight climate change, which he blamed for recent natural disasters in California and North Carolina.
“We see the same dangers in the concentration of technology, power and wealth,” Biden continued. “In his farewell address, President Eisenhower spoke of the dangers of the military-industrial complex. He warned us then about ‘the potential for the disastrous rise of misplaced power.’ Six decades later, I’m equally concerned about the potential rise of a tech industrial complex that could pose real dangers for our country as well.
“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he added. “The free press is crumbling, editors are disappearing. Social media is giving up on fact-checking. The truth is smothered by lies told for power and for profit.”
Newsweek reached out for comment to the White House and the office of Trump via email on Wednesday night.
What People Are Saying
Trump-Vance transition team spokesperson Anna Kelly, in a statement to Newsweek: “Joe Biden’s legacy is marred by crippling inflation, a migrant crime invasion, and American weakness on the world stage. Thankfully, in just five days, President Trump will usher in a new Golden Age of American Success and carry out his mandate to Make America Wealthy, Safe, Strong, and Great Again.”
Former President Barack Obama, posting just after Biden’s farewell address to X, formerly Twitter: “Four years ago, in the middle of a pandemic, we needed a leader with the character to put politics aside and do what was right. That’s what @JoeBiden did. At a time when our economy was reeling, he drove what would become the world’s strongest recovery – with 17 million new jobs, historic wage gains, and lower health care costs.
He passed landmark legislation to rebuild our nation’s infrastructure and address the threat of climate change. I’m grateful to Joe for his leadership, his friendship, and his lifetime of service to this country we love.”
Former Republican Congressman Adam Kinzinger, on X: “Joe Biden is right. There is an oligarchy forming in America.”
Fox Los Angeles news anchor Elex Michaelson, on X: “Analysis: Biden’s farewell speech is one of the most fiery of his time in office. His warnings about an oligarchy & tech/industrial complex seems to be a not so subtle indictment of Elon Musk.”
Democratic National Committee Chairman Jaime Harrison, in a statement: “As we recommit to our fight against the threats that Donald Trump and his MAGA cronies pose to the American people, we also owe a debt of gratitude to President Biden and will continue to honor and uplift his legacy — a man who served our nation for over 50 years, put the American people first, and answered the call on behalf of his country.”
Fox News host Dana Perino, an ex-White House press secretary under the administration of former President George W. Bush, during a broadcast: “This rings hollow. To me, it felt like the speechwriters have already left the building and that they asked ChatGPT to write a speech for Joe Biden in which he doesn’t remember that he was president for the last four years.”
What Happens Next
Biden is expected to retire from public service after leaving the White House on Monday, just before Trump is inaugurated and begins his second term. While he is leaving office with historically low approval ratings, his long-term legacy is unclear and will likely be viewed differently by Americans depending on their political party affiliation.
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