President Biden on Wednesday warned that an “oligarchy” of the ultrawealthy was emerging in America, sounding the alarm about unchecked power as he gave a farewell speech to the nation just days before he surrenders office to a man he disdains.
In an address from the Oval Office, Mr. Biden expressed concern about the “dangerous concentration of power” and issued a plea for the preservation of democratic ideals and institutions under the administration of President-elect Donald J. Trump.
“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,” Mr. Biden said.
While Mr. Biden did not explicitly name Mr. Trump, his remarks went straight at the tension at the heart of the incoming administration, in which billionaires like Elon Musk are positioned to wield enormous influence over the next four years. Are they really populists intent on shaking up the government to benefit working people who have been left behind by the establishment? Or are they just billionaire disrupters out to enrich themselves?
Mr. Biden’s warning of an unelected oligarchy taking shape echoed a similar one by President Dwight D. Eisenhower, who spoke about the military-industrial complex in his farewell address. The Biden version referred to the “tech-industrial complex,” in which he warned of the erosion of truth itself, brought forth by unchecked social media platforms — a reference to Meta doing away with fact-checkers this week — and artificial intelligence.
“Americans are being buried under an avalanche of misinformation and disinformation enabling the abuse of power,” Mr. Biden said.
Mr. Biden, who has spent months promoting his record and accomplishments, did little of that on Wednesday. Instead, he spent more time urging Americans to stay engaged in the democratic process and to continue to fight for progress in areas like addressing climate change.
“The powerful forces want to wield their unchecked influence to eliminate the steps we’ve taken to tackle the climate crisis, to serve their own interest for power and profit,” he said. “We must not be bullied into sacrificing the future, the future of our children and our grandchildren. We must keep pushing forward and push faster.”
The speech in many ways wrapped up not just four years in the White House but more than a half-century of public service for Mr. Biden, who came of age in an era of politics that he no longer sees around him. It also served as a plea for the country to remember its roots as he leaves the office he has coveted since he was a young man.
“After 50 years at the center of all of this, I know that believing in the idea of America means respecting the institutions that govern a free society,” he said.
“Our system of separation of powers, checks and balances — it may not be perfect,” he said, “but it’s maintained our democracy for nearly 250 years, longer than any other nation in history that’s ever tried such a bold experiment.”
Mr. Biden called for term limits and ethics reform for the Supreme Court and banning members of Congress from trading stocks.
And he issued a call for changes that would safeguard against a recent Supreme Court decision that gave presidents broad immunity, which Mr. Trump has sought to use to blunt multiple criminal charges and could protect him as he vows retribution and other autocratic acts while in office.
“We need to amend the Constitution to make clear that no president, no president is immune from crimes that he or she commits while in office,” Mr. Biden said.
In his final days and weeks in office, Mr. Biden has been trying to cement a legacy as a transformative president who stabilized domestic politics while bolstering America’s leadership abroad. Hours before Wednesday night’s address, Mr. Biden celebrated what would be a crowning accomplishment of his foreign policy record by announcing that Israel and Hamas had accepted a deal he proposed last spring for a cease-fire in Gaza.
But he is deeply unpopular. Even the location of the speech, behind the Resolute Desk in the Oval Office, is a reminder that Mr. Biden is not departing as he may have wanted. His last prime-time address delivered there was his explanation in July of why he had dropped out of the presidential race under pressure from his own party as questions mounted about his age and fitness for another term.
Mr. Biden acknowledged that many of his policies had failed to resonate with Americans. “It will take time to feel the full impact of all we’ve done together,” he said. “But the seeds are planted, and they’ll grow, and they’ll bloom for decades to come.”
Still, as recently as last week, he has been defiant about the presidential race, saying that he believed that he could have beaten Mr. Trump and that his decision to drop out was motivated by his desire to unify the Democratic Party.
Mr. Biden has told donors that he intends to stay involved in the party. Last week, when asked what role he planned to take on post-presidency, he responded: “I’m not going to be out of sight or out of mind.”
Mr. Biden spoke for about 17 minutes, keeping with a tradition of farewell speeches that goes back to George Washington. In 2021, Mr. Trump, politically isolated and facing an impeachment trial after the Jan. 6 attack on the Capitol by a mob of his supporters, told those who had gathered to watch him take off from the tarmac at Joint Base Andrews in Maryland: “Goodbye. We love you. We will be back in some form.”
As he signed off on Wednesday night, Mr. Biden called out his family, including his son Hunter Biden, who was in the Oval Office along with his wife and their young son, as well as Finnegan Biden, one of the president’s granddaughters. “You are the loves of my life and the life of my love,” he said.
Vice President Kamala Harris and the second gentleman were also there as Mr. Biden closed out his speech. He called Ms. Harris an “incredible partner,” and said that she and her husband had become “like family.”
“Now it’s your turn to stand guard,” Mr. Biden said in his final words to the country. “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. May God protect our troops. Thank you for this great honor.”
Peter Baker and Katie Rogers contributed reporting.
