Former President Biden’s Farewell Address: Is America Becoming an Oligarchy?

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On January 15th, Former President Joe Biden delivered his farewell address from the Oval Office in Washington D.C., warning Americans that the nation is moving in a dangerous direction, gradually shifting from a democracy to a country run by a few, ultra wealthy individuals. 

Biden began his closing statement by revealing that a ceasefire agreement had been achieved between Hamas and Israel – his administration had been working on the agreement since May. Biden continued his speech by highlighting his administration’s achievements in multiple sectors, including the economy, environmental issues, and job creation. Nevertheless, he also cautioned that the country was becoming an “oligarchy”, a nation where power lies in the hands of a small group of people, typically the wealthy or elite. He went on to explain that the “tech industry complex” is threatening their democracy and urged that reforms must be made, such as Supreme Court term limits. But where exactly are his concerns coming from? 

America has been no stranger to scandals and controversy concerning abuse of power from the wealthy with Biden’s warning being illustrated through multiple examples. One case is Elon Musk’s acquisition of X (formerly known as Twitter), which has sparked numerous debates online about the role of billionaires in shaping public discourse. Another example is the 2010 Citizens United v. FEC Supreme Court decision that legalised unlimited political spending. The decision has provided disproportionate influence to large corporations and wealthy individuals, enabling them to further their own agendas in elections and policy making to a greater extent than others. 

Biden’s farewell address was met with mixed reactions across the nation, highlighting the political divide currently dominating the country. On one hand, many applauded his emphasis on safeguarding democracy and protecting the rights of the average American citizen, while maintaining a peaceful transfer of power– one that heavily differs from the violent transition that took place in 2021. On the other, Biden faced heavy criticism following his statement, with critics highlighting the overwhelming pessimism and lack of sincerity derived from his speech – an address that marked the end of a term many Americans found “disappointing”. Similarly, CNN analyst Scott Jennings labeled the speech a “farce“, highlighting contradictions in his remarks, particularly regarding “dark money”, funds spent to influence public discourse, elections, and public policy, with the source of the money remaining undisclosed to the public. In addition, some left wing factions expressed frustration towards the address, stating that Biden’s warnings about oligarchic threats came late, despite their ongoing advocacy on the issue.

Despite the polarised reception, Biden’s speech did highlight one indisputable core issue surrounding the nation at the moment, wealth disparity. A recent report released by the Federal Reserve shows that for the second quarter of 2024, the top 10% wealthiest households had an average of $6.9 million, collectively holding 67% of total household wealth. In contrast, the bottom 50% of households had an average of $51,000, accounting for only 2.5% of total household wealth. This worrying discrepancy shows that despite the current divide, the US is facing a major issue that needs to be solved through discourse and political action. 

It can be concluded that Former President Biden’s farewell address was met with a wide range of  reactions that highlight the massive divide in the nation. However, it would be presumptuous to assume that his warnings have no real bearing on the country’s current state, as wealth disparity is at an all time high. As a result, the US’ current political landscape could very well threaten their democracy as things stand. 

Featured image: Former President Joe Biden delivers farewell speech from the Oval Office, courtesy of We Are Iowa Local 5 News 2025.

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