In a poignant farewell address on Wednesday night, President Joe Biden reflected on his presidency and issued a warning about the future of democracy as he prepares to hand the Oval Office back to Donald Trump in a matter of days. Biden, who promised to “restore the soul” of the nation when he first took office, expressed optimism about America’s potential but cautioned against the concentration of power in the hands of a few, particularly in the tech and industrial sectors.
Biden, in his 20-minute speech, warned of the growing influence of a “tech-industrial complex” that spreads false information for profit, undermining public trust. He also criticized the rise of anonymous political donations, claiming that America is witnessing the emergence of an oligarchy dominated by extreme wealth. “Today an oligarchy is taking shape in America of extreme wealth and influence that literally threatens our entire democracy,” Biden said.
While he refrained from directly naming influential figures like Elon Musk, Biden’s remarks appeared to address individuals backing Trump’s return to power. He invoked the history of “robber barons” who once wielded significant control over the country, suggesting that the wealthy must follow the rules of fairness to protect democracy.
Biden took stock of his time in office, highlighting key achievements such as revitalizing the U.S. economy post-pandemic, creating millions of jobs, and accelerating the country’s shift away from fossil fuels. He underscored his belief that Americans need not choose between a thriving economy and protecting the environment. “We are doing both,” he affirmed.
The president also expressed concern over the forces reshaping American culture and politics, including the rise of misinformation spread by social media companies like Musk’s X and Mark Zuckerberg’s Meta. “The truth is smothered by lies told for power and for profit,” Biden said. “Americans are being buried under an avalanche of misinformation.” He also lamented the decline of the free press and criticized social media platforms for failing to adequately fact-check content.
Biden proposed several measures to address these challenges, including 18-year term limits for Supreme Court justices and the elimination of “dark money” donations in politics. He also touched on the potential of artificial intelligence, emphasizing its benefits in fields like cancer treatment, while calling for safeguards to protect basic rights.
In his closing remarks, Biden acknowledged the challenges facing the nation and wished success for his successor, underscoring his commitment to ensuring a peaceful transition of power. “The strength of our institutions and the character of our people matter,” he concluded, leaving Americans with a final call to action: “It’s your turn to stand guard.”