Biden warns in a farewell speech about the dangers of unchecked power of the wealthy

In his farewell speech, President Joe Biden reflected on a decade-long political career but also issued a warning to the nation as he prepares to hand over power to President-elect Donald Trump.

Speaking from behind the Resolute desk, Biden said he was proud of what his administration accomplished as the country climbed out of the coronavirus pandemic, making investments in infrastructure, climate change and more.

“For the past four years, our democracy has stood strong, and every day I have kept my commitment to be president for all Americans during one of the toughest periods in our nation’s history,” Biden said. “I’ve had a great partner, Vice President Kamala Harris.”

But Biden also spoke at length about what he said caused him grave concern — the concentration of power in the hands of a few wealthy individuals.

“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 chance for everyone to get ahead,” he said.

The speech comes just hours after Biden confirmed a cease-fire and hostage-release deal between Israel and Hamas, a foreign policy goal of Biden’s for more than a year, which came to fruition just days before his departure.

Biden began his remarks by highlighting the achievement and his work with the incoming Trump administration to review implementation.

“This is how it should be, working together,” Biden said.

Biden, who faced severe political backlash at home over the devastating international conflict, was personally involved in the talks and described them as some of the “toughest” of his career, but said he was “deeply satisfied” with the outcome.

Biden has taken time in recent weeks to speak more broadly about his foreign policy footprint and some of his domestic achievements as he prepares to leave the White House.

However, the Oval Office address gave Biden a larger audience as he seeks to cement his legacy.

Polls show Americans have a mixed view of his four years in office. A recent Gallup poll found that 54% of American adults believe that Biden will be remembered as a “below average” or “poor” president; 19% say he will be remembered as “outstanding” or “above average” and 26% think he will be considered “average”.