Washington DC:

Outgoing US President Joe Biden warned Americans about a “dangerous concentration of power” among a few wealthy people in the United States and urged them to “stand guard” against threats from oligarchs, disinformation and AI in a future under Donald Trump as he delivered a farewell address on Wednesday ahead of stepping down next week.

In a brief Oval Office speech, the Democrat touted his achievements in steering the US economy out of the deep crisis inflicted by the Covid-19 pandemic and said he had made the nation’s alliances abroad stronger.

In a veiled reference to incoming President Trump’s close ties to billionaire Elon Musk and other tycoons, he said an “oligarchy is taking shape in America” — and “a dangerous concentration of power.”

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” Biden said.

It’s been the privilege of my life to serve our nation for over 50 years.

I’ve given my heart and soul to you, and I’ve been blessed a million times in return with the love and support of the American people.

Join me as I deliver my farewell address. https://t.co/DRr4U4sa7B

— President Biden (@POTUS) January 16, 2025

He said the ultra-rich people around Trump represent a concentration of “extreme wealth, power and influence that literally threatens our entire democracy.”

Recalling the warning issued by former president Dwight Eisenhower in his own farewell address in 1961 about the dangers of an out-of-control military-industrial complex, he said, “I’m equally concerned about the potential rise of a tech industrial complex.”

The President also warned that Americans are succumbing to misinformation and that press freedoms are deteriorating and noted a “crumbling” media means people are increasingly vulnerable.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power,” he said, adding that “the free press is crumbling. Editors are disappearing.”

He said that social media is giving up on fact-checking. “The truth is smothered by lies- told for the power and profit. We must hold the social platforms accountable to protect our children, our families and our very democracy, from the abusive power,” he said.

Also clearly referring to Trump’s plans to roll back environmental protections and withdraw from a major international global accord on combating global warming, Biden said “powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis, to serve their own interest for power and profit.”

Naming another increasingly global challenge, Biden said artificial intelligence “is the most consequential technology of our time” that could bring huge benefits but also poses “risks for our economy and our security, our society.”

He noted that after eight months of nonstop negotiation by his administration, a ceasefire and hostage deal had been reached by Hamas.

The President is leaving office with a low approval rating – though higher than his predecessor and successor did. Biden’s term officially ends on January 20 with Donald Trump’s inauguration.

President Joe Biden. File
| Photo Credit: AP

President Joe Biden will deliver a farewell address to the nation Wednesday (January 15, 2025) from the Oval Office, five days before President-elect Donald Trump is sworn in.

The president’s remarks at 8 p.m. Eastern are set to be his last significant opportunity to speak to Americans and the world before he leaves office at noon on January 20. They will follow a speech Monday at the State Department, where he will deliver an address focused on his foreign policy legacy.

On Friday (January 10), speaking from the Roosevelt Room, Mr. Biden said he didn’t think that dropping out of the presidential race over the summer helped deliver the election to Trump.

Mr. Biden stepped aside amid enormous pressure from Democrats following a disastrous debate performance, and Kamala Harris ran in his place with just a few months to set up a campaign that normally is years in the making.

“I think I would have beaten Mr. Trump, and I think that Kamala could have — would have beaten Trump,” he said. “I thought it was important to unify the party. Even though I thought I could win again, I thought it was better to unify the party.”

Mr. Biden said he didn’t want to cause a divided party to lose an election, adding: “That’s why I stepped aside. But I was confident she could win.”

Press secretary Karine Jean-Pierre told reporters earlier Friday that Biden would reflect on his “50-plus years as a public official” in his speech Monday.

“He has some thoughts on the future, not just of the country, but how this country moves forward as a leader, when you think about global events, important global issues, and certainly he will lay that out,” she said.