President Biden warns against oligarchy in farewell speech

President Joe Biden addressed the American people from the Oval Office on Wednesday night for what he said would be the last time. During the farewell address, he touted the achievements of his administration, while warning the American people about what he characterized as future challenges and threats to democracy.

What were some of the successes he mentioned? Biden praised a ceasefire agreement between Israel and the terror group Hamas announced earlier in the day. Among other provisions, the deal would swap 33 hostages held by Hamas for hundreds of Palestinian prisoners held by Israel. The deal would also allow Palestinian refugees to return to their homes in Gaza, along with an influx of aid for them. Biden characterized the agreement as the result of eight months of non-stop negotiation by his administration. He added that he made it a priority to fully inform the incoming administration of President-elect Donald Trump, because it would be involved in implementing the agreement.

Biden briefly referenced the COVID-19 pandemic and what he characterized as an economic resurgence that followed, leading to the creation of 17 million new American jobs. He touted the passage of the Inflation Reduction Act of 2022 which he said made it possible for Medicare to negotiate prescription drug prices with pharmaceutical companies. He argued that under his administration, Ukraine is still free and NATO has been strengthened.

What was the warning Biden issued? Without mentioning Trump by name, Biden said he wants the incoming administration to be successful. However, he warned against what he characterized as a dangerous concentration of power in the hands of a few wealthy people. He compared an “emerging oligarchy” to the rise of robber barons of the 19th century—wealthy U.S. industrialists supposed to have succeeded by unethical business practices. He said the American people stood up to them, not by punishing the wealthy, but by making them pay their fair share in taxes.

Biden also said the free press is crumbling, and an avalanche of misinformation is burying Americans. He chastised social media platforms for giving up on fact-checking. In doing so, he seemed to reference Meta’s announcement last week that it would retool its fact-checking system, modeling it after the Community Notes system employed by X. Biden praised the development of artificial intelligence, but said safeguards must be implemented to protect Americans’ privacy. He also said the United States—rather than China—should lead the way in AI development.

Biden went on to call for an 18-year term limit for U.S. Supreme Court justices, a ban on stock trading for sitting members of Congress, and an end to so-called “dark money” in political fundraising where the money source isn’t known. He also called for an amendment to the U.S. Constitution ending immunity for crimes presidents commit while in office.

Throughout his farewell address, Biden returned to the theme of the Statue of Liberty as a symbol of American values and opportunity. He concluded by thanking members of his administration, along with his wife, first lady Jill Biden, who he said was in the Oval Office with him. Finally, he thanked the American people.

How did Biden’s critics respond? House Speaker Mike Johnson issued a statement saying Biden’s legacy would be defined by, among other things, engineering the worst border crisis in U.S. history and by weaponizing the U.S. Department of Justice to target political opponents. He added that so-called “Bidenomics” fueled skyrocketed inflation. Johnson accused Biden of intentionally hiding his own mental decline from the American people.