President Biden warns of ‘oligarchy’ as he bids farewell

On January 16, 2025By Littum

WASHINGTON ― President Joe Biden delivered a spirited defense of his record and warned of an American “oligarchy” in a prime-time speech from the Oval Office as he bid farewell to four years in the White House and a five-decade political career.

“Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that threatens our entire democracy, our fundamental rights, liberties, and the fair shot for everyone to get ahead,” Biden said.

Biden, who will be replaced by President-elect Donald Trump in five days, recalled the situation he inherited four years ago: a country in the grip of a raging pandemic and an economic crisis.

“For the past four years, our democracy has stood strong, and every day I have kept my commitment to be president for all Americans through one of the toughest periods in our nation’s history,” Biden said. “I’m so proud of how much we’ve accomplished together for the American people, I wish the incoming administration success because I want America to succeed.”

In the final days of his presidency, the 82-year-old Biden has sought to assert a legacy defined by signature bills he pushed through in his first term — overcoming a razor-thin Democratic majority in the Senate — to unleash historic infrastructure spending, a resurgence of clean energy factories and investments in the microchip industry to catch up with China.

“It will take time to feel the full effect of everything we’ve done together. But the seeds have been planted.”

On the foreign policy front, Biden has touted his record of restoring the nation’s global alliances and leading international support for Ukraine after Russia’s invasion and war.

A Middle East deal

Biden’s address came after he announced a long-awaited ceasefire agreement between Israel and Hamas that will pause the war in Gaza and result in the gradual release of the remaining hostages in Gaza, including three Americans and the remains of four deceased Americans.

“This plan was developed and negotiated by my team, and it will be largely implemented by the incoming administration,” Biden said at the beginning of his remarks.

Trump immediately claimed credit for the deal, writing in a social media post that it would not have happened without his election victory over Vice President Kamala Harris in November.

Biden leaves the White House with a mixed legacy and an approval rating of just 34% according to a USA TODAY/Suffolk University poll this week. Meanwhile, Americans by a 52%-45% margin now say they approve of Trump’s job performance in his first term — a far more rosy rating than he has ever received while in office.

Since the election, Biden has faced finger-pointing from Democrats who claim he helped lead to Trump’s return to power by waiting until 107 days before the election to drop out of the race, limiting the time Harris had to start your campaign.

Despite concerns about his age, Biden announced plans to seek re-election in the spring of 2023, only to drop out last July after a disastrous debate performance against June that revealed an aging president who sounded incoherent at times and struggled to lead his case against Trump.

During his tenure, Biden repeatedly warned that Trump is a threat to a democracy and framed stopping him as a “battle for the soul of the nation.” But Biden failed in his push to make Trump a footnote in American history. And on Monday, he will attend Trump’s inauguration ceremony and watch as Trump is sworn in as the 47th president.

Before that moment, Biden is set to travel to Charleston, South Carolina on Sunday in what will be his last full day as president. White House press secretary Karine Jean-Pierre declined to say what Biden will do there.

Prior to his farewell speech, Biden issued an open letter to Americans highlighting his accomplishments, calling it “the privilege of my life to serve this nation for over 50 years.”

“Nowhere else on earth could a child with a lineage from humble beginnings in Scranton, Pennsylvania and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as President of the United States,” Biden said in the letter. “I have given my heart and soul to our nation. And I have been blessed a million times over with the love and support of the American people.”

Reach Joey Garrison at X @joeygarrison and Francesca Chambers at @fran_chambers