Biden warns against ‘oligarchy, dangerous concentration of power’ in farewell speech

Outgoing US President Joe Biden, who is set to exit the White House in less than five days, warned against “oligarchy taking shape in America” and a “dangerous concentration of power” among a very few ultra wealthy people that threatens the country’s democracy and a fair shot for everyone to get ahead.

He made the remarks while delivering his farewell speech from the Oval Office on Wednesday night (local US time). This is Biden’s fifth address from the Oval Office. The last remarks were made in July 2024 when he announced that he was dropping out of the presidential race, paving the way for Vice President Kamala Harris to secure the Democratic nomination.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead,” the 82-year-old outgoing leader said.

“The very idea of America is that everyone is entitled to a fair shot. Going as far as your hard work and talents can take you. We can never lose that essential truth.”

Biden, while invokingformer President Dwight Eisenhowers warnings about the military-industrial complex when he left the White House in 1961, said, Im equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well.

Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing.Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power, he urged.

AI COULD SPAWN NEW THREATS
In a stark warning, the outgoing President also warned against Artificial Intelligence (AI) having the potential to “spawn new threats” unless safeguards were in place.

AI is the most consequential technology of our time, perhaps of all time. Nothing offers more profound possibilities and risks for our economy and our security, our society, for humanity. AI even has the potential to help us answer my call to end cancer as we know it. But unless safeguards are in place, AI could spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation, he warned.

Biden stressed that AI should work for the good of all.

In the age of AI, its more important than ever that the people must govern. And as the land of liberty, America, not China, must lead the world in the development of AI.”

BIDEN PRAISES ADMINISTRATION’S ACCOMPLISHMENTS
Joe Biden’s farewell speech came shortly after he announced that Israel and Hamas have reached a ceasefire agreement to end the 15-month war in Gaza.

“After eight months of negotiations by my administration, a ceasefire-hostage deal has been reached by Israel and Hamas. The elements of which I laid down in great detail in May (2024). This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration,” he noted.

Biden went on to say that it “will take time to feel the impact of all weve done together, but the seeds are planted, and theyll grow, and theyll bloom for decades to come”.

He mentioned some of his administration’s accomplishments in the last five years, including lowering prescription drug prices for the elderly, passing gun safety laws and helping veterans get healthcare.

While touting his foreign policy achievements, he said that “Ukraine is still free, and weve pulled ahead of our competition with China and so much more”.

OUTGOING PRESIDENT ASKS AMERICANS TO STAND GUARD
Ending his farewell address on a positive note, Biden asked Americans to “stand guard” and expressed hope in the idea for which this nation stands.

To you, the American people. After 50 years of public service, I give you my word. I still believe in the idea for which this nation stands. A nation where the strength of our institutions and the character of our people matter and must endure, he said.

Now its your turn to stand guard. May you all be the keeper of the flame. May you keep the faith. I love America. You love it too. God bless you all. And may god protect our troops. Thank you for this great honour.”