Biden warns America about 'ultra-wealthy' in positions of power 'going unchecked' in farewell address
WASHINGTON - President Joe Biden delivered his farewell address to the nation from the Oval Office on Wednesday, just days before he leaves and President-elect Donald Trump returns to the White House.
A warning
The president warned America about the "ultra-wealthy" gaining positions of power and "going unchecked" as the new administration is set to take over next week.
"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead," Biden said, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked."
And much like President Dwight Eisenhower's warnings about the military-industrial complex when he left office, Biden added, "I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well."
He also called for a constitutional amendment to end immunity for sitting presidents, after the Supreme Court granted Trump sweeping protections last year from criminal liability over his role in trying to undermine his 2020 defeat to Biden, though he never mentioned Trump's name.
Biden also criticized social media companies for rolling back on fact-checking on their platforms and blamed much of his poor standing during his final months in office on misinformation online.
His speech is the latest in a series of remarks on domestic policy and foreign relations that were intended to cement his legacy and reshape Americans’ grim views on his term. Earlier in the day, he heralded a long awaited ceasefire agreement between Israel and Hamas, which could end more than a year of bloodshed in the Middle East.
"It’ll take time to feel the full impact of what we’ve done together but the seeds are planted and they’ll grow and they’ll bloom for decades to come," Biden said, tacitly acknowledging that many Americans say they have yet to feel the impacts of his trillions of dollars in domestic initiatives.
Also in the Oval Office were Vice President Kamala Harris and her husband, Doug Emhoff, and first lady Dr. Jill Biden. Harris replaced Biden at the top of the Democratic ticket when he abandoned his reelection bid after a disastrous debate performance. Biden endorsed Harris and hoped she would be replacing him as the country's first female president.
Instead, Harris was watching as Biden talked about a smooth transition to the next administration.
Biden said Harris has been "a great partner," adding that she and Emhoff had become "like family."
US President Joe Biden delivers his farewell address to the nation from the Oval Office of the White House in Washington, DC, on Jan. 15, 2025. (Photo by Mandel NGAN / POOL / AFP) (Photo by MANDEL NGAN/POOL/AFP via Getty Images)
Earlier Wednesday, he released a farewell letter saying it had been "the privilege of my life to serve this nation for over 50 years."
"Nowhere else on Earth could a kid with a stutter from modest beginnings in Scranton, Pennsylvania, and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as President of the United States," Biden wrote. "I have given my heart and my soul to our nation. And I have been blessed a million times in return with the love and support of the American people."
In an address on Monday, Biden touted his stewardship of American foreign policy and said his administration is leaving the incoming president with a safer and economically more secure country.
President Biden delivers final foreign policy speech
President Joe Biden strode into the White House four years ago with a foreign policy agenda that put repairing alliances strained by four years of Republican Donald Trump’s "America First" worldview front and center. The one-term Democrat took office in the throes of the worst global pandemic in a century and his plans were quickly stress-tested by a series of complicated international crises: the chaotic U.S. withdrawal from Afghanistan, Russia’s 2022 invasion of Ukraine, and Hamas’ brutal 2023 attack on Israel that triggered the ongoing war in the Middle East.
Joe Biden’s term
Big picture view:
The one-term Democrat took office in the throes of the worst global pandemic in a century, and his plans to repair alliances strained by four years of Trump’s "America First" worldview were quickly stress-tested by several international crises.
Biden argued that he provided a steady hand when the world needed it most. He was tested by war, calamity and miscalculation.
While the end of his term was marred by an abysmal debate performance, constant questions around his mental fitness and dropping out late as the Democratic candidate for the 2024 presidential election, experts and historians believe history will be kinder to Biden than voters have been.
Biden’s notable achievements
Dig deeper:
During his time as president, Biden did have several notable achievements that stimulated the economy during a time of crisis, invested in critical upgrades to the country’s infrastructure and kicked off initiatives to bring crucial jobs back to the U.S.
Some of these achievements include:
American Rescue Plan Act: Coming off one of the most devastating global health crises in years, Biden’s $1.9 trillion stimulus package which provided economic relief to Americans who were impacted by the COVID-19 pandemic.
The bill provided new programs that temporarily halved child poverty, halted evictions and contributed to the addition of millions of jobs.
Infrastructure investment: Although it got whittled down from his original ask of $2.3 trillion, Biden’s hard-fought $1 trillion infrastructure deal kicked off a new infusion of cash for roads, bridges, ports and more is going to make life "change for the better" for the American people.
CHIPS and Science Act: The CHIPS and Science Act provided $52 billion to build factories and create institutions to make computer chips domestically, ensuring that the U.S. would have access to the most advanced semiconductors needed to power economic growth and maintain national security.
Inflation Reduction Act and climate initiatives: In addition to rejoining the Paris Agreement, Biden pledged to cut U.S. greenhouse gas emissions by more than 60% by 2030, through the Inflation Reduction Act, Biden’s administration also took steps toward reducing the cost of prescription drugs for those who are on Medicare.
Biden’s shortcomings
The other side:
Along with his achievements, and like any U.S. president, Biden had several shortcomings during his term as voters felt the sting of inflation and watched two new wars unfold across the globe.
Afghanistan withdrawal: Biden’s administration completed the U.S. withdrawal from Afghanistan that resulted in the death of 13 U.S. service members, an effort that was widely criticized.
Border security: The president also faced criticism over his handling of the southern border with Mexico as illegal border crossings soared in the months after Biden took office. His administration’s refusal to use the Title 42 policy further added to the growing number of migrants.
Gaza and Ukraine war: Russia’s invasion of Ukraine in early 2022 worsened inflation as Trump and other Republicans questioned the value of military aid to the Ukrainians.
Hamas’ Oct. 7, 2023, attack in Israel sparked a war that showed divisions within the Democratic party over whether the U.S. should continue to support Israel as tens of thousands of Palestinians died in months of counterattacks.
Inflation: Despite evident trends that inflation is easing, Americans are still feeling the sting of price and interest rate hikes, leaving critics to argue that the incoming administration will be inheriting more problems than solutions.
The Source: Information for this article was gathered from The Associated Press, previous reporting from LiveNOW from FOX, reporting from Forbes, Bloomberg and Barron’s.