Biden Warns of Oligarchy and Wealth Concentration in Farewell Address
Outgoing US President Joe Biden cautions against threats to democracy as Trump prepares for a billionaire-filled administration.
In his final formal address as president, Joe Biden warned of the dangers posed by extreme wealth and oligarchy to American democracy, as President-elect Donald Trump readies to take office with an administration featuring several billionaires.
“An oligarchy is taking shape in America, where extreme wealth, power, and influence threaten our democracy, our basic rights, and the chance for everyone to succeed,” Biden stated in his televised speech from the Oval Office on Wednesday night.
The address comes just five days before Trump’s January 20 inauguration and shortly after Israel and Hamas announced a ceasefire in Gaza—an agreement that had eluded Biden’s administration for months despite widespread public opposition to the conflict.
Biden expressed concern over the “dangerous concentration of power in the hands of a few ultra-wealthy individuals” and warned of severe consequences if their influence remains unchecked.
The incoming Trump administration reportedly includes at least 11 billionaires in key positions, according to the Democratic Party. Among them is the world’s richest man, Elon Musk, whom Trump has appointed to co-lead the Department of Government Efficiency.
Biden also voiced fears that “powerful forces” could reverse his climate policies, particularly as Los Angeles battles unprecedented wildfires.
He briefly acknowledged the newly announced ceasefire deal between Israel and Hamas in Gaza, which Israeli Prime Minister Benjamin Netanyahu has partly credited to Trump.
“After eight months of nonstop negotiation by my administration, Israel and Hamas have reached a ceasefire and hostage agreement,” Biden stated, adding that his team had ensured the incoming administration was fully briefed since they would oversee its implementation.
Despite touting the ceasefire as a success of his presidency, Biden faced significant electoral backlash for his steadfast support of Israel’s war in Gaza, a factor cited by many voters in the 2024 election as a reason for withdrawing support from the Democratic Party.
Biden, 82, had initially sought re-election but withdrew after concerns were raised about his debate performance against then-Republican candidate Donald Trump. His vice president, Kamala Harris, ultimately ran in his place but was defeated by Trump.
In his final days in office, Biden enacted a sweeping ban on offshore oil and natural gas drilling, covering more than 625 million acres (253 million hectares), including the entire US East Coast, the eastern Gulf of Mexico, and parts of the Northern Bering Sea in Alaska. The move appears aimed at countering Trump’s pledge to aggressively expand domestic oil drilling from the first day of his new term.
Reflecting on his tenure, Biden concluded his farewell speech with a hopeful message: “It will take time to feel the impact of all we’ve done together, but the seeds are planted. They’ll grow, and they’ll bloom for decades to come.”