On January 16, 2025, President Joe Biden delivered his farewell address from the Oval Office, highlighting concerns about the emergence of an "oligarchy" in the United States. As he prepares to hand over power to President-elect Donald Trump, Biden warned of the concentration of wealth and power among a small elite, which he believes threatens democracy and civil rights.
Biden invoked historical warnings from former President Dwight Eisenhower about the military-industrial complex, comparing it to a potential "tech-industrial complex" that could undermine democratic institutions. He stated, "Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that threatens our entire democracy."
During his address, Biden emphasized the importance of accountability and the need for reforms, including changes to the tax code and campaign finance laws. He also called for 18-year term limits for Supreme Court justices and a ban on stock trading by members of Congress.
In the context of foreign policy, Biden noted achievements such as strengthening NATO and supporting Ukraine amid its conflict with Russia. He also mentioned a recent ceasefire agreement between Israel and Hamas as a significant diplomatic success.
Despite his administration's accomplishments, Biden acknowledged the challenges he faced, including economic pressures and public disillusionment. He urged Americans to remain vigilant in protecting their rights and freedoms, stating, "You must be the guardians of the flame. Keep the faith. I love America, and so do you."