January 16, 2025: Outgoing U.S. President Joe Biden delivered a somber farewell speech from the Oval Office on Wednesday night, warning of the growing threat of oligarchy and the concentration of power among a small group of ultra-wealthy individuals. With less than five days remaining in his presidency, Biden used the occasion to highlight what he described as a serious challenge to American democracy and the nation’s core values.

Biden, 82, reflected on the foundational principles of the United States, emphasizing the importance of equal opportunity for all. “The very idea of America is that everyone is entitled to a fair shot, going as far as your hard work and talents can take you,” he said. “We can never lose that essential truth.”

Drawing parallels to former President Dwight D. Eisenhower’s famous 1961 warning about the military-industrial complex, Biden expressed concern over the emergence of a “tech-industrial complex.” He cautioned that its unchecked growth could present significant dangers to the country, further exacerbating existing inequalities and undermining democratic institutions.

The outgoing president also addressed the rise of misinformation and disinformation, which he described as a direct threat to democracy. He criticized the current state of social media and the decline of fact-checking, lamenting the loss of truth in public discourse. “Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing. Social media is giving up on fact-checking,” he said.

Biden called for accountability in the digital age, urging action to protect democracy and ensure the safety of families and children. “We must hold the social platforms accountable to protect our children, our families, and our very democracy from the abuse of power,” he asserted.

This address marked Biden’s fifth from the Oval Office during his presidency, the last being in July 2024 when he announced his decision not to seek re-election, clearing the way for Vice President Kamala Harris to lead the Democratic ticket. His farewell speech served as a final call to action, urging Americans to remain vigilant in defending the nation’s democratic ideals against the forces of inequality and concentrated power.