Biden's farewell address warns of 'oligarchy' threat

WASHINGTON — US President Joe Biden used his farewell address to the United States on Wednesday to deliver stark warnings about an "oligarchy" of the ultra-wealthy taking root in the country and a "tech-industrial complex" that is infringing on the rights of US citizens.

Speaking from the Oval Office as he prepares to hand over power on Monday to President-elect Donald Trump, Biden seized what is likely to be his final opportunity to address the country before he departs the White House to spotlight the accumulation of power and wealth in the US among just a small few.

"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, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked".

Invoking president Dwight Eisenhower's warnings about the rise of a military-industrial complex when he left office in 1961, Biden added, "I'm equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well."

Biden used his 15-minute address to offer a model for a peaceful transfer of power and — without mentioning Trump by name — raise concerns about his successor.

The speech in the Oval Office is the latest in a series of remarks on domestic policy and foreign relations he has delivered that are intended to cement his legacy and reshape the grim views on his term. Earlier in the day, he heralded a long-awaited ceasefire agreement between Israel and Hamas, which could end more than a year of bloodshed in the Middle East.

"It'll take time to feel the full impact of what we've done together, but the seeds are planted and they'll grow and they'll bloom for decades to come," Biden said. It was a tacit acknowledgment that many people in the US say they have yet to feel the impact of his trillions of dollars spent on domestic initiatives.

Federal Reserve data show the wealthiest 0.1 percent of the country combined holds more than five times the wealth of the bottom 50 percent combined.

The speech on Wednesday night capped not just Biden's presidency but also his five decades in politics. He was once the country's youngest senator at 30 years old after being elected to represent his home state of Delaware in 1972.

Biden pursued the presidency in 1988 and 2008 before becoming Barack Obama's vice president. After serving two terms, Biden was considered to be retired from politics. But he returned to center stage as the unlikely Democratic nominee in 2020, successfully ousting Trump from the White House.

As he highlighted his commitment to ensuring a peaceful transition of power, including holding briefings with Trump's team and coordinating with the incoming administration on the Middle East negotiations, Biden also called for a constitutional amendment to end immunity for sitting presidents. That came in response to a Supreme Court ruling last year that granted Trump sweeping protections from criminal liability over his role in trying to overturn his 2020 defeat to Biden.

Agencies Via Xinhua