With less than five days remaining in his term, outgoing US President Joe Biden delivered a powerful farewell address from the Oval Office on Wednesday night, cautioning against the rise of oligarchy and the dangers posed by unchecked power concentrated among the ultra-wealthy. Biden expressed concern about the future of democracy and the foundational principle that everyone deserves a fair chance to succeed.

Concerns About Democracy and Power

"An oligarchy of extreme wealth, power, and influence is taking shape in America, threatening our democracy, our basic freedoms, and the opportunity for everyone to get ahead," said the 82-year-old leader. He emphasized that the essence of America lies in offering everyone a fair shot to achieve success based on hard work and talent.

Biden also invoked former President Dwight D. Eisenhower’s warning about the military-industrial complex in 1961, expressing his concern over the potential emergence of a “tech-industrial complex” that could jeopardize the nation's values and security.

Challenges with Information and Media

The outgoing President highlighted the challenges of misinformation and disinformation, stating that these issues are eroding trust in institutions and democracy itself. He warned about the weakening of the free press and the decline of fact-checking on social media. "The truth is being buried under lies told for power and profit. Social platforms must be held accountable to protect our families, our democracy, and future generations," Biden said.

Call for Constitutional Reform

Biden urged the need for constitutional reforms to ensure US presidents are not immune from prosecution for crimes committed while in office. "No president should have unlimited or absolute power. We must amend the Constitution to make this clear," he stated.

This follows a 6-3 Supreme Court decision last year that upheld presidential immunity for actions within official responsibilities, a ruling that affected the progression of former President Donald Trump’s 2020 election interference case.

AI as the Most Consequential Technology

In his address, Biden issued a stark warning about the risks of Artificial Intelligence (AI). He described it as “the most consequential technology of our time,” with both immense potential and significant risks.

"AI could help solve monumental challenges like ending cancer as we know it, but without proper safeguards, it could pose threats to privacy, work, national security, and fundamental rights," he cautioned. Biden emphasized the need for democratic oversight of AI and asserted that the United States, not China, should lead in its development.

Highlighting Administration Achievements

Biden reflected on his administration’s accomplishments, including lowering prescription drug costs for seniors, passing gun safety reforms, improving healthcare for veterans, and bolstering foreign policy. He celebrated the ceasefire agreement between Israel and Hamas to end the 15-month Gaza war, which was negotiated under his leadership.

"We’ve laid the groundwork for progress that will bloom for decades to come," Biden stated, mentioning that Ukraine remains free and that the US has advanced ahead of China in key areas.

A Call to Action for the American People

Closing his farewell speech on a hopeful note, Biden called on Americans to safeguard the nation’s ideals. "After 50 years of public service, I still believe in the idea of America—a nation where institutions and the character of its people matter. Now, it’s your turn to stand guard. Be the keeper of the flame," he said, ending with a heartfelt message of gratitude.

"God bless you all, and may God protect our troops. Thank you for this great honor."