Joe Biden’s Farewell Address
With his coming departure from the presidency, President Joe Biden warned about the rising threat of oligarchy in America
Yesterday, President Joe Biden gave his farewell address to the nation, his final appeal to the American people.1 In his speech, he heralded his administration’s accomplishments, including the recently announced ceasefire in Gaza. 2 The speech serves not only as the last expression of his political career but also as a warning about the upcoming challenges that America will face.
Warnings about Oligarchy
The last two years of Biden’s administration have been difficult, largely due to outside circumstances. The Israel-Hamas War, rising prices, and an ascendant Donald Trump all challenged the President. Biden eventually dropped out of the presidential race and supported Vice President Harris in her bid to defeat Trump, which ultimately failed. 3
Despite this painful backdrop, President Biden maintained a positive tone about America’s potential. He noted that the economy is doing relatively well, with low unemployment, strong GDP growth, and more jobs added since the pandemic.4 5
However, what is striking about the speech is not Biden’s justifications for his administration and its policies but his warning about the rise of oligarchy. In no uncertain terms, Biden stated that the consolidation of wealth and power among a few elites threatens the institutions of the American government.
“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..” 6
This stark warning is especially pertinent considering the level of influence oligarchs like Elon Musk have wielded in the last election. According to CNN, Musk gave at least $260 million to support Trump’s bid for the presidency, creating a shadowy political action committee (PAC)known as America PAC to support his campaign.7 Trump is a billionaire who has repeatedly used his first term in office to enrich himself. 8 9
Why This Matters
In reality, Joe Biden can’t do much beyond what he already has. His presidency is ending, and his party will be the opposition for the next two years. However, the blatant warning by Biden that America risks falling to oligarchy is one of the most blatant expressions of concern from an ongoing president in recent history.
While issues such as campaign finance have been a matter of contention since Citizens United v. FEC (2010), a president warning so firmly about the danger of concentrated wealth and elites means that the situation is beyond its initially expected path.10 In the simplest of terms, the influence of the wealthy is growing like a cancer, and with the incoming Trump administration, it will almost certainly get worse.
Originally published at https://progressiveamerican.substack.com on January 16th, 2024.
1 Jeff Mason, Andrea Shalal, and Jeff Mason, “Biden Bids Farewell from Oval Office as Trump Looms over His Legacy,” Reuters, January 15, 2025, sec. United States, https://www.reuters.com/world/us/biden-bids-farewell-oval-office-trump-looms-over-his-legacy-2025-01-15/.
2 Jeff Mason et al., “Biden Bids Farewell from Oval Office as Trump Looms over His Legacy,” Reuters, January 15, 2025, sec. United States, https://www.reuters.com/world/us/biden-bids-farewell-oval-office-trump-looms-over-his-legacy-2025-01-15/.
3 Myah Ward and Natalie Allison, “Donald Trump Wins 2024 Presidential Election – POLITICO,” Politico, accessed January 15, 2025, https://www.politico.com/news/2024/11/06/donald-trump-wins-presidency-00187478.
4 Brooks Jackson et al., “Biden’s Numbers, July 2024 Update,” FactCheck.Org (blog), July 25, 2024, https://www.factcheck.org/2024/07/bidens-numbers-july-2024-update/.
5 Howard Schneider, “Robust US Economy May Not Need Trump’s Big Reforms,” Reuters, January 14, 2025, sec. U.S. Markets, https://www.reuters.com/markets/us/robust-us-economy-may-not-need-trumps-big-reforms-2025-01-13/.
6Asma Khalid, “After Half a Century in Politics, Biden Bids Farewell in an Oval Office Address,” NPR, January 15, 2025, sec. Politics, https://www.npr.org/2025/01/15/nx-s1-5258510/biden-farewell-address.
7 Alex Matthews, et al., “Musk Spent at Least a Quarter-Billion Dollars to Help Elect Donald Trump, New Filings Show | CNN Politics,” CNN, December 6, 2024, https://www.cnn.com/2024/12/05/politics/elon-musk-trump-campaign-finance-filings/index.html.
8 Dan Alexander, “Trump’s Business Hauled In $2.4 Billion During Four Years He Served As President,” Forbes, accessed January 15, 2025, https://www.forbes.com/sites/danalexander/2021/07/19/trumps-business-hauled-in-24-billion-during-four-years-he-served-as-president/.
9 Adam Carlson and Katherine Faulders, “Trump Organization Charged Secret Service $1.4M to Stay at His Properties, Committee Says – ABC News,” ABC News, accessed January 15, 2025, https://abcnews.go.com/US/trump-organization-charged-secret-service-14m-stay-properties/story?id=91640350.
10 Brian Duignan, “Citizens United v. Federal Election Commission | Opinion, Dissent, Significance, & Influence | Britannica,” January 14, 2025, https://www.britannica.com/event/Citizens-United-v-Federal-Election-Commission.