Washington: In his farewell address, President Joe Biden sounded the alarm on the growing influence of the ultra-wealthy, warning of an "oligarchy" that is threatening the foundations of American democracy. Biden spoke from the Oval Office as he prepared to hand over the reins of power to President-elect Donald Trump on Monday, expressing grave concern about the concentration of wealth and power in the hands of a select few.

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Biden criticised the "dangerous concentration of power" among the ultra-wealthy, warning it could have severe consequences for the country’s democracy and freedoms. “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. "Dangerous consequences if their abuse of power is left unchecked.”

Echoing the words of President Dwight Eisenhower, who warned about the military-industrial complex, Biden raised concerns over the rise of a "tech-industrial complex." He warned that such a concentration of power could endanger both the nation and its democratic institutions.

Billionaires, including Elon Musk, have supported Trump in recent months, with Musk spending over $100 million on the presidential election. Notable tech figures, such as Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos, have also backed Trump financially and visited his Florida private club.

In a direct challenge to the legal protections granted to sitting presidents, Biden called for a constitutional amendment to end immunity for presidents. This came after the Supreme Court extended protections for Trump, shielding him from criminal liability related to his attempts to undermine the 2020 election results.

Biden’s legacy and the end of his presidency

Biden's farewell speech followed a day in which he reflected on his presidency, heralding a ceasefire agreement between Israel and Hamas, and acknowledging the challenges he faced in achieving his goals. Despite his unfulfilled promises, Biden emphasised his key accomplishments, including his leadership in tackling the coronavirus pandemic, supporting domestic manufacturing, and limiting prescription drug costs.

Looking back at Biden’s journey

Biden’s farewell address marked the end of a five-decade political career. From becoming the youngest senator in U.S. history to running for president multiple times, Biden's tenure saw him rise to the pinnacle of American politics. He recalled his improbable journey, remarking, “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.”