WASHINGTON – President Joe Biden said farewell to the American people on Wednesday night, describing his presidential role as “the highest honor of my life” while also cautioning that emerging threats could jeopardize democracy.

“The America of our dreams is always nearer than we think,” Biden stated from the Oval Office. “It’s our responsibility to turn our dreams into reality.”

Biden’s televised address occurred just days before he departs from office, as President-elect Donald Trump is set to return to the White House. Trump, who won against Biden’s vice president, Kamala Harris, in the election last November, is scheduled to be inaugurated for a second term on January 20th.

In his 13-minute speech, Biden reflected not only on his four years in office but also on his extensive career in public service spanning over 50 years. Here are five main points from his address:

Biden applauds Gaza ceasefire agreement

During his presidency, a significant amount of Biden’s focus has been on global events, particularly the ongoing wars in Ukraine and Gaza.

Hours prior to his national address, Biden announced a ceasefire and hostage-release agreement following over 15 months of conflict between Israel and the Hamas militant group. This deal was facilitated by the Biden administration in collaboration with Qatar and Egypt.

Biden commenced his speech by sharing thoughts on this agreement, noting it resulted from eight months of relentless negotiations.

He highlighted that, while his team devised and negotiated the plan, its execution will largely rest with the upcoming Trump administration. Biden indicated he had instructed his team to keep Trump and his staff fully updated on the agreement, emphasizing that cooperation among Americans is essential.

Biden also pointed out that under his leadership, “Ukraine remains free” nearly three years after the Russian invasion, and NATO has been fortified, allowing the U.S. to advance ahead of its competition with China.

Biden emphasizes job creation and other achievements

In his farewell address, Biden showcased what he perceives as his domestic achievements.

When he began his presidency four years ago, the country was grappling with the severe impact of the COVID pandemic, which had devastated the economy and eliminated 22 million jobs due to temporary business closures.

However, Biden expressed that through perseverance, the nation rebounded, adding 17 million new jobs while entrepreneurs and companies launched new ventures and employed American workers using domestic products.

“We’ve initiated a new era of American possibilities,” he remarked.

He pointed to his administration’s efforts to modernize infrastructure, connect rural Americans to high-speed internet, and invest billions to relocate semiconductor supply chains back to the U.S. He also mentioned reforms allowing Medicare to negotiate lower prescription drug prices for millions of seniors and the passage of the most significant gun safety legislation in three decades.

“It will take time to feel the full impact of what we’ve accomplished together,” Biden noted. “But the seeds are sown, and they will grow and thrive for many years to come.”

Biden alerts to dangers of an ‘oligarchy’ threatening democracy

While reflecting on past successes, Biden also raised concerns about potential future dangers, particularly the risk of a “tech industrial complex” and an “oligarchy” with “extreme wealth and power” posing a threat to American democracy.

Biden mentioned that Americans are inundated with a torrent of misinformation, which fosters an environment conducive to the abuse of power. He lamented the decline of a free press and criticized social media for failing to verify information.

“The truth is suffocated by falsehoods told for power and profit,” he stated, calling for social media platforms to be held accountable to safeguard families from power abuses.

He emphasized that while artificial intelligence represents a pivotal technological advancement, it could produce new threats to individual rights and privacy if not properly regulated.

Biden cautioned against “a perilous concentration of power” among a select few ultra-wealthy individuals who should be required to contribute their fair share of taxes and abide by the same rules as others.

Biden advocates for a constitutional amendment

Although he did not mention Trump directly, Biden advocated for a constitutional amendment to ensure that no president is above the law for actions taken while in office.

In July, the Supreme Court determined that presidents cannot be prosecuted for “official acts” during their tenure. This ruling was related to the Justice Department’s case against Trump regarding his attempts to overturn the 2020 election results.

Trump, who faced impeachment twice during his initial term, became the first former president to obtain a criminal record following his conviction in New York last year on 34 felony charges related to payments to silence a porn star.

He has also been indicted on several felony counts concerning his management of classified documents after leaving office and his attempts to challenge the 2020 election, culminating in the Capitol attack by his supporters on January 6, 2021.

However, just three weeks after Trump’s election win in November, a judge vacated the charges brought against him regarding election interference due to special counsel Jack Smith deferring to the Justice Department’s policy of not prosecuting sitting presidents. Smith also effectively concluded the classified documents case by dropping his appeal against a separate judge’s dismissal of those charges.

Despite this, Biden asserted that presidential power is not “unlimited.”

“It’s not absolute, and it shouldn’t be,” he affirmed.

‘May you all be the keeper of the flame’

In nearly every speech throughout his presidency, Biden has concluded with uplifting messages meant to motivate Americans to aim high.

“We are the United States of America – there is nothing, nothing, nothing we can’t do when we work together,” he often expressed.

For his sign-off on Wednesday, Biden chose different words, but the message remained consistent.

He conveyed that after 50 years of public service, he continues to believe in the foundational ideals of the nation, asserting that the integrity of its institutions and the character of its citizens must endure.

“Now it’s your turn to stand watch,” he said. “May you all be the keeper of the flame.”

“I cherish America,” he concluded. “You cherish it too. … Thank you for this immense honor.”

Michael Collins covers the White House. Follow him on X @mcollinsNEWS.