Joe Biden's Farewell: The Looming Specter of Oligarchy in America

Before returning the presidency to Trump, the president expresses concern about the increasing influence of the ultra-wealthy.

After warning of the rising influence of America's ultra-wealthy and a burgeoning oligarchy that threatens the pillars of US democracy, Joe Biden's farewell speech to the country took on a foreboding tone.

The prime-time Oval Office speech on Wednesday came as Biden was getting ready to surrender the president to Donald Trump, whom he had defeated in 2020 but who had returned to power following Biden's own abrupt departure from politics this summer.
The oligarchy of great wealth, power, and influence that is emerging in America today, according to Biden, "literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead."

The president listed some of his top issues, such as the need to eradicate dark money from politics, the military-industrial complex's excessive power, the emergence of disinformation, and what he called a "crumbling" free press. In order to guarantee presidential accountability, he also advocated for constitutional revisions, contending that no president should be exempt from punishment for crimes committed while in office.
His presidency, which started with pledges to rebuild America's soul, concludes with him leaving office after just one term. He had given up on running for reelection in July due to pressure from his own party, which raised questions about his age and suitability for the position. In the November election, Trump defeated Kamala Harris, his endorsed successor.

Biden attempted to draw attention to his administration's noteworthy legislative accomplishments, such as investments in clean energy and infrastructure, steps to lower the cost of prescription drugs, and guiding the nation through the pandemic's aftermath, despite his final months' low approval ratings. In addition, his government tried to restore American industry and managed significant conservation initiatives.

Biden secured what may be his last diplomatic triumph as president earlier Wednesday when he announced a historic ceasefire agreement between Israel and Hamas. The agreement, which he first suggested last spring and that Trump's team helped to finalize, could put an end to a 15-month conflict that has destroyed Gaza, further alienated the US internationally, and resulted in widespread protests against the administration on college campuses and elsewhere.

“This plan was developed and negotiated by my team, and will be largely implemented by the incoming administration,” Biden said on the impending ceasefire deal. “That’s why I told my team to keep the incoming administration fully informed, because that’s how it should be, working together as Americans.”
Biden reflected on his path from Scranton, Pennsylvania, where he was "a kid with a stutter," to the nation's highest office in a letter published before to the speech. "I have dedicated my entire being to our country."

Last week, the president told fundraisers that he thought he "could have beaten Trump," but he decided to step aside in order to bring the Democratic party together. The president has remained stubborn about his choice to leave the race. He recently told reporters, "I'm not going to be out of sight or out of mind," indicating his determination to continue being politically engaged after leaving office.
Although Biden gives his farewell speech under unusual circumstances—leaving office after one term to be succeeded by a predecessor he has repeatedly warned poses a threat to US democracy—it carries on a tradition that dates back to George Washington.

The speech concludes a string of farewell appearances, which included Biden's speech at the State Department on Monday, where he claimed to have improved America's standing internationally.
The farewell address marks the end of a political career spanning nine presidencies and nearly every significant moment in modern US history that has transformed American life in ways both celebrated and contested. Biden, who first entered national politics as a senator in 1972 and later served as vice president under Barack Obama, stated, "I think that the America of our dreams is always closer than we think. It's up to us to make our dreams come true."