Biden argues for ‘oligarchy’, social media are threats to democracy in farewell speech

President Joe Biden’s farewell speech on Wednesday came with a series of warnings for the country’s future, including a rising “oligarchy taking shape” that he said threatens American democracy.

“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,” Biden said.

Biden’s comments, delivered from the Oval Office, seemed clearly aimed at billionaire Elon Musk, who has stood by President-elect Donald Trump since his election victory, and Meta boss Mark Zuckerberg.

Biden also launched a scathing criticism of social media platforms, claiming they neglect to check facts.

“Social media is giving up on fact-checking. The truth is being stifled by lies told for power and for profit,” Biden said, appearing to refer to Meta ending its fact-checking program.

The president warned of the potential dangers of artificial intelligence while calling it “the most consequential technology of our time.”

“Nothing presents more profound opportunities and risks to our economy and our security, our society,” he said.

Biden continued, arguing that without safeguards, artificial intelligence could “spawn new threats to our rights, our way of life, our privacy, how we work and how we protect our nation.”

Biden also said he wishes the incoming Trump administration success.

“It is not just about the last four years of his administration. He is ending his career, White House press secretary Karine Jean-Pierre told reporters Wednesday.

“So you can imagine the president has a lot to say, a lot of thoughts that he wants to share that really touch on the moment we’re in right now,” she added.

In a letter Wednesday previewing his prime-time remarks, Biden highlighted sustained job growth, lower prescription drug costs and investments in clean energy to fight climate change.

Describing the early days of his administration as a struggle to emerge from the grip of the Covid pandemic and “a winter of danger,” he said Americans came together and “believed through it.”

“We emerged stronger, more prosperous and more secure,” Biden said in the letter.

Biden also highlighted his economic record, particularly the consistent gains in the labor market.

In one statement last week Biden praised the final monthly jobs report of his term, saying more than 16.6 million new jobs have been created since he took office and that his was “the only administration in history to create jobs every single month.”

Biden may be able to add a cease-fire agreement between Israel and Hamas to his administration’s list of accomplishments.

He began his farewell speech by highlighting a new cease-fire agreement between Israel and Hamas, noting that much of it would be implemented by the incoming Trump administration.

If the deal, announced Wednesday afternoon, goes into effect this weekend as planned, it would be a major breakthrough in the long-running war that has weighed on Biden’s presidency and drawn criticism from within his own party.

In his letter, Biden did not refer to President-elect Donald Trump by name, but indirectly referred to him.

“I ran for president because I believed the soul of America was at stake. The very nature of who we are was at stake. And it still is,” he said.

Jean-Pierre said Biden wants to “be positive” and “talk about what we’ve been able to do.” She also said the address “would not be biased.”

With a personal tone in his letter, Biden reflected on his upbringing and his life as a public official. “Nowhere else on earth could a child of humble beginnings” serve for 50 years in the halls of Congress, as vice president and finally in the Oval Office.

“I have given my heart and soul to our nation. And I have been blessed a million times over in return with the love and support of the American people,” he said.

Biden has not yet laid out details of his post-presidency plans.

He and the first lady plan to travel directly from the inauguration to Central California for personal time, three administration officials said. The couple plans to stay in Santa Barbara County, although wildfires in Los Angeles could affect their plans, officials said.

Biden was asked by a reporter last week about his plans after leaving office: Would he speak out after the presidency or be “out of sight and out of mind?”

“I don’t want to be out of sight or out of mind,” Biden replied.