President Biden also laid out proposed future reforms, including a Constistutional amendment to limit presidential immunity, tax reforms, and term limits for Supreme Court justices

By Miriam Raftery

Hear audio of President Biden’s farewell address; view video, read transcript

January 19, 2025 (Washington D.C.) – In his farewell address to the nation delivered in the White House oval office on January 15, President Joe Biden issued a warning reminiscent of the farewell speech delivered by President Dwight Eisenhower in 1961.

“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,” President Biden said. Specifically, he cited “the concentration of technology, power and wealth” and warned of  “dangerous consequences if their abuse of power is left unchecked.”

President-elect Donald Trump, who will be inaugurated tomorrow, has surrounded himself with wealthy tech company executives,  drawing controversy. There are parallels to the Russian oligarchs who wield undue influence over Russia’s president Vladimir Putin and have profited from his reign, while supporting his policies.