Biden warns of oligarchy in farewell address
The president issued a stark warning about the dangers of unchecked power in the hands of the ultra-wealthy


What happened
President Joe Biden gave a farewell address from the Oval Office Wednesday evening that focused at least as much on the dangers he saw ahead for America as his own accomplishments in office. The 17-minute speech was a capstone to Biden's 50 years in public service, days before he hands power to a president-elect he has called an "existential threat" to democracy.
Who said what
Biden warned that the "dangerous concentration of power in the hands of a very few ultra-wealthy people" was leading toward an American "oligarchy" that "literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead." He was "equally concerned about the potential rise of a tech industrial complex," as unchecked social media giants leave Americans "buried under an avalanche of misinformation and disinformation, enabling the abuse of power."
Biden "did not explicitly name" Donald Trump in his speech, The New York Times said, but his warning "went straight at the tension at the heart of the incoming administration, in which billionaires like Elon Musk are positioned to wield enormous influence." Musk, Meta's Mark Zuckerberg and Amazon's Jeff Bezos have "prime seating" next to Cabinet nominees on the dais at Trump's inauguration on Monday, illustrating the "deepening ties" between favor-currying tech titans and the incoming administration, The Washington Post said. And Trump's Cabinet is "slated to be the wealthiest group of presidential advisers in modern history."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Biden said it would "take time to feel the full impact" of his accomplishments on infrastructure, climate change, manufacturing, semiconductors and health care, but "the seeds are planted and they'll grow and they'll bloom" for decades. "I still believe in the idea for which this nation stands," but "now it's your turn to stand guard. May you all be the keeper of the flame," he added. "Thank you for this great honor."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
How successful would Elon Musk's third party be?
Today's Big Question Musk has vowed to start a third party after falling out with Trump
-
Music reviews: Bruce Springsteen and Benson Boone
Feature "Tracks II: The Lost Albums" and "American Heart"
-
Why passkeys are the next frontier in digital security
A disruptive new technology promises to put passwords to bed forever — but not yet
-
Thai court suspends prime minister over leaked call
Speed Read Prime Minister Paetongtarn Shinawatra has been suspended, pending an ethics investigation
-
Senate passes GOP megabill after Alaska side deal
The pivotal yes vote came from Sen. Lisa Murkowski, whose support was secured following negotiated side deals for her home state Alaska
-
Trump sues LA over immigration policies
Speed Read He is suing over the city's sanctuary law, claiming it prevents local law enforcement from cooperating with federal immigration authorities
-
Obama, Bush and Bono eulogize USAID on final day
Speed Read The US Agency for International Development, a humanitarian organization, has been gutted by the Trump administration
-
Senate advances GOP bill that costs more, cuts more
Speed Read The bill would make giant cuts to Medicaid and food stamps, leaving 11.8 million fewer people with health coverage
-
Canadian man dies in ICE custody
Speed Read A Canadian citizen with permanent US residency died at a federal detention center in Miami
-
GOP races to revise megabill after Senate rulings
Speed Read A Senate parliamentarian ruled that several changes to Medicaid included in Trump's "One Big Beautiful Bill" were not permissible
-
Supreme Court lets states ax Planned Parenthood funds
Speed Read The court ruled that Planned Parenthood cannot sue South Carolina over the state's effort to deny it funding