Biden farewell speech: Sounds alarm on oligarchy, takes subtle swipe at Trump's billionaire-rich cabinet

US President Joe Biden on Wednesday (Jan 15) capped his half-century political career with a final Oval Office speech.

In what could be a subtle swipe at US President-elect Donald Trump's cabinet — which has a large number of ultra-wealthy individuals — the 46th President of the United States in his farewell speech warned Americans about "dangerous concentration of power" among a small group of rich people.

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Warning against rising oligarchy

In his final Oval Office address on January 15, President Joe Biden voiced deep concern over the "dangerous concentration of power" among a small group of ultra-wealthy individuals, suggesting that an oligarchic structure is taking hold in the United States.

"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead," Biden stated.

On climate crisis

The outgoing president defended his administration's efforts to balance economic growth with environmental responsibility and warned against a drive to undermine his administration's climate interests.

"We're doing both, but powerful forces want to wield their unchecked influence to eliminate the steps we've taken to tackle the climate crisis," Biden said, in a veiled criticism of Trump's climate scepticism and the rollback of environmental protections the incoming US president has promised.

Misinformation and threats to press freedom

Biden also sounded the alarm on the spread of misinformation and the decline of press freedoms, issues he described as critical to the health of democracy.

"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power," he warned, adding that "the free press is crumbling."

A legacy overshadowed?

Biden leaves office with job approval ratings that match Trump's ratings at the end of his first term — below 38 per cent, as per FiveThirtyEight averages.

As per a CNN poll, Biden's approval rating is at its lowest of his term and his favourability rating is close to his personal low. The poll found that only 36 per cent of US adults approve of Biden's handling of the presidency.

Joe Biden, the then-vice president, ran for president in 2020 as a transition figure. However, in 2024, he opted at the unprecedented age of 80 to run for reelection, convinced he was the only Democrat who could beat Trump.

The veteran politician was forced out of the race in July after a disastrous debate against incoming president Donald Trump. After Biden dropped out of the race, Vice-President Kamala Harris became the face of the Democratic Party presidential campaign but lost, without winning even one battleground state. Some Democrats have blamed Biden for the loss.

(With inputs from agencies)