WASHINGTON ― In a passionate speech from the Oval Office, President Joe Biden defended his achievements and expressed concerns about a potential “oligarchy” forming in America, marking the end of his four-year presidency and his extensive political career spanning fifty years.

With only five days until he is succeeded by President-elect Donald Trump, Biden cautioned that a dangerous monopolization of power by a few ultra-wealthy individuals represents serious threats to the country “if their abuse of power goes unchecked.”

“Currently, an oligarchy characterized by extreme wealth, power, and influence is emerging in America, threatening our democracy, basic rights, and opportunities for everyone to succeed,” Biden stated while seated behind the Resolute Desk. “We’ve seen the negative outcomes across the nation, and history has shown us this before.”

Biden’s remarks highlighted the growing influence of billionaire tech figures like Elon Musk in American politics, as he is positioned to play a significant part in Trump’s upcoming administration.

Trump, the wealthiest president in U.S. history, has appointed several billionaires such as Doug Burgum, Linda McMahon, and Howard Lutnick to his team. Other affluent individuals, including Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg, have shown interest in cultivating favorable interactions with the incoming government.

“Over a century ago, Americans took a stand against the robber barons and dismantled monopolies,” Biden noted. “They didn’t penalize the wealthy; instead, they ensured that the affluent adhered to the same regulations as everyone else.”

Biden Highlights ‘Flood of Misinformation’

In a 17-minute address, Biden described his role as commander in chief as “the highest honor” and reflected on the challenges he faced when he assumed office—namely, a country grappling with a severe pandemic and an economic downturn just weeks after the January 6, 2021 Capitol riot.

“Throughout the last four years, our democracy has remained resilient, and I have committed each day to serve as president for all Americans during one of our nation’s most challenging times,” Biden affirmed.

Nonetheless, his speech was marked by anxiety about the future. He specifically called out social media platforms, warning of “a flood of misinformation and disinformation that enables the misuse of authority.” Recently, Meta’s Zuckerberg indicated that the company would cease its fact-checking efforts on platforms like Facebook.

“The free press is deteriorating. Editors are disappearing. Social media is letting go of fact-checking,” Biden remarked. “Lies for power and profit are drowning the truth. We must hold social media companies accountable to safeguard our children, our families, and our democracy from misuses of power.”

As he approaches the end of his presidency, the 82-year-old Biden seeks to highlight a legacy characterized by significant legislation passed during his first term, despite having a slim Democratic majority in the Senate. This includes historic funding for infrastructure, a revival of clean-energy manufacturing, and investments in the semiconductor sector to remain competitive with China.

“I take immense pride in what we have accomplished for the American people, and I wish the forthcoming administration well because I want America to thrive,” Biden expressed, without naming Trump in his speech.

He noted that his policies have seeded “a new era of American potential,” though he recognized that the effects of some initiatives may take years to materialize.

“It will require time to fully experience the impact of our efforts, but the groundwork has been laid, and it will develop and flourish for years to come,” he added.

A Middle East Agreement Just Before Leaving Office

On the international front, Biden celebrated his achievements in mending U.S. alliances and galvanizing global support for Ukraine following Russia’s aggression.

Earlier in the day, Biden revealed a long-anticipated ceasefire agreement between Israel and Hamas which will halt hostilities in Gaza and lead to the gradual release of remaining hostages, including three Americans and the remains of four deceased citizens.

Trump quickly attributed the success of the pact to his influence, claiming in a social media post that it would not have been realized without his electoral win against Vice President Kamala Harris in November.

“This agreement was crafted and negotiated by my team; it will largely be executed by the incoming administration,” Biden remarked at the start of his address.

In his final significant speech, Biden reiterated his push for 18-year term limits and stringent ethical reforms for Supreme Court justices. He advocated for a ban on stock trading by members of Congress. He also called for a constitutional amendment to clarify that no president is “above the law for crimes committed while in office.”

In July, the Supreme Court determined that presidents cannot face prosecution for “official acts” conducted while serving. This ruling originated from the Justice Department’s case against Trump concerning his attempts to overturn the 2020 election result.

“The powers of the presidency are not infinite. They are not absolute. And they shouldn’t be,” Biden asserted.

‘I Give You My Word,’ Says Biden

As he exits the White House, Biden faces a mixed legacy and a low approval rating of 34%, according to a YSL News/Suffolk University poll from this week. Meanwhile, a slight majority of Americans (52%-45%) now express approval of Trump’s first-term performance—a far more favorable view than what he received while in office.

Since the election, Biden has faced criticism from fellow Democrats who blame him for helping facilitate Trump’s resurgence by delaying his decision to withdraw from the race for 107 days, which limited Harris’s campaign time.

Despite concerns regarding his age, Biden announced his intention to run for reelection in the spring of 2023 but withdrew in July after a challenging debate performance showcased his struggles to articulate his case against Trump.

Biden acknowledged that Harris and her spouse Doug Emhoff have “come to feel like family, and that holds great meaning for me.”

Throughout his presidency, Biden has persistently warned that Trump poses a danger to democracy and framed resisting him as “a fight for the soul of the nation.” However, Biden has not succeeded in relegating Trump to the annals of history. On Monday, he will be present at Trump’s inauguration as the latter is sworn in as the 47th president.

Before that event, Biden is scheduled to visit Charleston, South Carolina, on Sunday, marking his final full day as president. White House press secretary Karine Jean-Pierre did not disclose details about Biden’s activities there.

Leading up to his farewell address, Biden wrote an open letter to Americans, highlighting his accomplishments and describing it as “the honor of my life to serve this nation for over 50 years.”

“After five decades in public service, I give you my word,” Biden concluded. “I still hold faith in the principles our nation stands for, where the integrity of our institutions and the character of our people is vital and must endure.

“Now it’s your turn to protect this legacy. May you all nurture the flame. May you keep the faith. I cherish America, and you do too. God bless you all, and may God watch over our troops. Thank you for this incredible honor.”

Contact Joey Garrison on X @joeygarrison and Francesca Chambers at @fran_chambers