Biden warns of American 'oligarchy' as he makes farewell address from White House

US President Joe Biden gave a foreboding farewell address on Wednesday, warning that American democracy is at risk from oligarchs and the spread of misinformation.

During a 20-minute speech from the Oval Office in what were probably his final public remarks as President before Donald Trump is sworn in on Monday, Mr Biden did not seek to highlight his achievements but instead chose to close his single term in office with a sombre warning.

“Today, an oligarchy is taking shape in America, of extreme wealth, power and influence that really threatens our entire democracy, our basic rights, freedoms and a fair shot for everyone to get ahead,” he said.

He said a “dangerous concentration of power” of “ultra-wealthy people” could lead to “dangerous consequences if their abuse of power is left unchecked”. Mr Trump, himself a billionaire, has received widespread support from ultra wealthy and influential Americans, including the world's richest man Elon Musk, and has been accused of planning tax breaks and other benefits for the country's highest earners.

“People should be able to make as much as they can, but play by the same rules, pay their fair share of taxes,” Mr Biden, 82, said.

He warned that “Americans are being buried under an avalanche of misinformation [and] disinformation, enabling the abuse of power”.

Mr Biden began his address by discussing the Gaza ceasefire and hostage release deal reached earlier on Wednesday.

“This plan was developed and negotiated by my team, and will be largely implemented by the incoming administration,” he said. “That's why I told my team to keep the incoming administration fully informed because that's how it should be, working together as Americans.”

Domestically, Mr Biden takes pride in passing legislation that favoured working-class Americans, including student debt forgiveness and lowering prescription drug costs.

Most Americans, though, blamed his administration for inflation, particularly the increase in food and housing costs. He praised the passing of several pieces of legislation, including the bipartisan Inflation Reduction Act.

“Together, we've launched a new era of American possibilities, one of the greatest modernisations of infrastructure in our entire history – from new roads, bridges, clean water, portable high speed internet for every American.”

Mr Biden never mentioned Mr Trump by name, but he wished the incoming administration well. “I want America to succeed,” he said.

Before his address, Mr Biden released a letter to the American people touting the accomplishments of his administration over the past four years and urging people to build on that progress.

He said he brought back a nation and an economy that was reeling from a global pandemic, and worked on lowering inflation and increasing wages.

“I ran for president because I believed that the soul of America was at stake,” he wrote. “The very nature of who we are was at stake. And that’s still the case.”

White House press secretary Karine Jean-Pierre said the address was direct message to reflect on the political career that began more than 50 years ago.

“This is an important moment for the President. He has been working on the speech because these are farewell remarks, but he is going to be talking directly to the American people; it is not going to be partisan,” Ms Jean-Pierre said.

“The President has a lot to say, he wants to really touch on the moment that we're in right now. What he wants to do, obviously, is also be positive.”

On Monday, Mr Biden spoke at the State Department, where he gave wide-ranging remarks summarising his administration's efforts abroad. He focused on how he had restored American alliances and global leadership after four years under Mr Trump, and that he would be handing his successor a “very strong hand to play”.

In July, Mr Biden announced he would no longer be seeking a second term amid enormous pressure from his Democratic Party after a disastrous performance during a debate against Mr Trump. Vice President Kamala Harris ran in his place, with only a few months to put together a campaign. It is an effort that normally requires at least a year.

“I think I would have beaten Trump,” Mr Biden said on Friday. “I thought it was important to unify the party and when the party was worried about whether or not I was going to be able to move, even though I thought I could win again, I thought it was better to unify the party.”

His popularity also suffered after the hasty withdrawal from Afghanistan in 2021, which led to the deaths of 13 US troops.

“In my mind, it was time to end the war and bring our troops home, and that’s what we did,” he said on Monday. “And I think history will reflect that.”

Mr Biden has not specified how he would be spending his time after his presidency and 50 years in politics, which he has often called the privilege of his life.

“I'm not going to be out of sight or out of mind,” he said.